The cryptocurrency market has been volatile in recent weeks, with ups and downswings occurring regularly. Yearn.Finance rockets 70% despite these ups and downs in the market. Nonetheless, the market has been very profitable over the last six days due to altcoins’ yearning, and the total market capitalization has increased to $1.074 trillion. It was regarded as one of the most important factors contributing to the yearn.finance YFI‘s continued bid. The cryptocurrency market had been struggling to recover from the bearish trend that began in May, but the small gain was insufficient to free YFI from the seller’s grip.
However, the situation improved this week as yearn.finance YFI recovered some of its June losses and some of its May decline by capitalizing on broader market signals. The gains in digital assets and yearn.finance YFI, however, were short-lived as the crypto market failed to maintain its bullish bias and fell below $1.074 trillion.
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Yearn.Finance Rockets 70% – Quick Price Review
Bearish Crypto Market
Recovery of the US Dollar
Since the start of the day, the broad-based US dollar has been flashing green, as risk-off market sentiment tends to support safe-haven assets such as the US dollar. The dollar index, which compares the US dollar value to six other currencies, increased 0.3 percent to 105.65. As a result, the strong US dollar was viewed as another important factor keeping cryptocurrencies under pressure.
Yearn.Finance Technical Outlook
The YFI/USD pair is consolidating at $11,288 and remains within a tight trading range of $10,750 to $11,550. On the 4-hour chart, YFI has already completed a 50% Fibonacci retracement at $10,750. It’s now acting as immediate support. A break below this level could send YFI even lower, towards the 61.8 percent Fibo level of $9,928. Leading technical indicators such as the RSI, which is in the bullish zone, diverge from the MACD, which is in the sell zone.
Simultaneously, the 50-day EMA (exponential moving average) indicates an uptrend. It could keep YFI bullish above $9,150. On the plus side, the YFI coin may encounter significant resistance at the $12,677 and $14,360 levels. Consider purchasing above $11,600 and selling below $10,600. Good luck!
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