Yearn.finance is an aggregator network for decentralized finance investors. It uses automation to enable investors to make gains from yield farming. It is a fast-growing ecosystem that aims to simplify decentralized token trading for not-so-tech-savvy investors.YFI is the customized token of this network and its technical analysis is as follows: Past Performance On May 18, 2021, YFI opened at $64,242.68. On May 24, 2021, YFI closed at $48,350. Thus, in the past week, the YFI price has decreased by roughly 25%. In the last 24 hours, YFI has traded between $44,504.78-$50,988.07. https://ift.tt/3i4If2r Day-Ahead and Tomorrow Currently, YFI is trading at $46,299.13. The price has decreased from the day’s opening price of $48,350. Thus, the market seems to be bearish. The MACD and signal lines have just turned positive. Thus, the overall market momentum has turned bullish. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Hence, the price may start rising soon. Currently, the RSI indicator is at 58%. It faced rejection at 62% and fell to the current level. However, buying pressures are still higher than selling pressures. High buying activity will exert upward pressure on the YFI price. However, the OBV indicator has fallen steeply. There is bearish divergence here. In other words, selling volumes are higher than buying volumes. When we look at all three oscillators together, we can say that the price may start rising soon, but intermittent price pullbacks cannot be ruled out. We have to wait and watch if the price rise is a bearish trend reversal or a temporary corrective price action. YFI Technical Analysis Currently, the price has fallen below the first Fibonacci pivot point of $47947.62. It may soon fall below the first Fibonacci pivot support level point of $45,471. Thereafter, we have to wait and watch if the price starts rising. Presently, the price has tested and fallen below the 61.8% FIB retracement level of $46,981.40. It may soon fall below the 76.4% FIB retracement level of $46,034.84, as well. By day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to rise tomorrow as well.
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