- YFI price aims for a rebound towards $31,000 in the short-term.
- Yearn.Finance whales have started accumulating again, hinting at a potential reversal.
- The digital asset is trading inside a parallel channel on the 12-hour chart.
Yearn.Finance has been trading inside a defined range from $40,000 down to $28,000 for the past three weeks. The digital asset is potentially on the brink of a rebound as whales have started to accumulate again.
YFI price could quickly jump to $31,000 thanks to large holders
In the past week, the percentage of whales holding between 1,000 and 10,000 coins increased by 10%, which is significant. This indicates that large holders have started to accumulate again, perhaps for staking purposes.
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YFI Holders Distribution
Meanwhile, the Market Value to Realized Value (MVRV 90d) metric shows that YFI is currently around the 11% level, which is not a dangerous level. Whenever this measure goes above 80%, the likelihood of a pullback increases greatly, but even 40% seems to be a risky level. However, the current 11% statistic shows that YFI price is at no risk.
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YFI MVRV (90d)
Yearn.Finance has established a long-term ascending parallel channel on the 12-hour chart and it’s currently trading right in the middle of it. Defending the crucial 100-SMA support level at $27,500 can easily drive YFI price above $30,000.
YFI/USD 12-hour chart
The In/Out of the Money Around Price (IOMAP) model shows a significant barrier between $28,200 and $29,000, where 989 addresses purchased over 4,300 YFI coins. A breakout above this point can push YFI price towards $31,000.
YFI IOMAP chart
However, the IOMAP chart also indicates that support below is extremely weak until $24,000, which closely coincides with the lower trendline of the parallel channel. Losing the 100-SMA support level at $27,500 would drive YFI price down to $24,000.
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