Home Yearn.Finance Price Analysis: YFI looks ready to rebound, but on-chain metrics suggest upswing will be short-lived
Crypto News

Yearn.Finance Price Analysis: YFI looks ready to rebound, but on-chain metrics suggest upswing will be short-lived

  • Yearn.Finance price faces a strong resistance barrier at $25,000 but several indicators have turned bullish.
  • On-chain metrics suggest that the bounce could be short-lived.

YFI is trading inside a daily uptrend after establishing a higher high at $31,780. Bulls need to hold a significant support level at $18,228 to post a higher low and continue with the uptrend.

Yearn.Finance price aims for a short-term bounce

On the 4-hour chart, the TD Sequential indicator has presented a buy signal in the form of a red nine candle. Similarly, it also posted the same call on the 12-hour chart, giving more credence to both signals. 

yfi price

YFI/USD 4-hour and 12-hour charts

One of the most important supply barriers sits at $25,000, as seen in the In/Out of the Money Around Price (IOMAP) chart. Validation of the two buy signals could push Yearn.Finance price up to this point.

yfi price

YFI IOMAP chart

However, several on-chain metrics have turned significantly bearish. The on-chain volume has decreased substantially over the past three weeks, which indicates that interest in the digital asset is fading away.

yfi price

YFI on-chain metrics chart

Additionally, the number of daily active addresses and social volume has decreased notably too. This could precede a steeper decline of the digital asset despite the bullish signs mentioned above. On top of that, the IOMAP chart shows very little support on the way down until $19,554.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.