Yearn.Finance price can quickly explode towards $32,000 if bulls can push it above this level

• Yearn.Finance price struggles to stay above a critical support level than can push the digital asset to new highs.
• For the most part, YFI has been trading sideways in the past month.

Yearn.Finance is trading at $23,290 at the time of writing and remains bounded inside a tightening pattern awaiting a clear breakout or breakdown. Bulls will need to push the digital asset above a crucial support level to have the upper hand.

Yearn.Finance price struggles to stay above $24,000

On the 12-hour chart, the 100-EMA has been acting as a robust support level for the past few months. This is the first time YFI price broke below this critical level. Bulls need to push the digital asset above $24,000 to recover the support and push Yearn.Finance price towards the nearest high of $29,000.

YFI/USD 12-hour chart

Additionally, the TD Sequential indicator has presented a red ‘8’ candle which is usually followed by a strong buy signal on the 12-hour chart, adding credence to the bullish outlook. In the long-term, bulls target the high of $32,000. 

YFI IOMAP chart

On the other hand, if the 100-EMA rejects the price again, the next price target for the bears would be around $18,000. The In/Out of the Money Around Price (IOMAP) chart shows significant resistance ahead above $23,000 but very little support on the way down between $23,000 and $19,724, giving the bears the upper hand.