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Yearn.finance eyes new all-time high — Can YFI price reach the next $66K target?

Republished by Plato

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As Bitcoin’s (BTC) price has been consolidating in recent weeks, many other crypto assets started to show strength. This was largely expected since altcoins generally do better once BTC cools down. 

Lower volatility in Bitcoin means higher volatility for altcoins as the money flows from Bitcoin to altcoins. Ether (ETH), for example, is now looking to break its all-time high almost a month after Bitcoin’s surpassed its own milestone. 

However, one of the biggest gainers in recent days is Yearn.finance (YFI), which is approaching its own all-time high at $47,000, and whose rally is also being boosted by the launch of a new upgrade, namely v2 Vaults.

Let’s take a look at the technicals and see if the all-time high may get broken in the next few days. 

The $44,000 ATH could break in the near future

YFI/USDT 1-day chart. Source: TradingView

Yearn.finance is showing strength in the USD pair, approaching a new all-time high. However, the current resistance is the final hurdle before this level can be broken.

The chart in itself shows a clear support/resistance flip of the $18,250 level. This support/resistance flip generated further momentum toward the $30,000 barrier.

This $30,000 barrier finally broke at the beginning of January 2021, as the price of YFI accelerated to the $40,000 resistance zone. As long as the $30,000 level sustains support, for now, further upside is likely.

A potential rally to $66,000 is on the horizon

YFI/USDT 1-day chart. Source: TradingView

I’ve recently discussed the Fibonacci extension tool as a magnificent indicator to use for further projections of price movements. This indicator can be used on Yearn.Finance as well, as YFI’s price might continue running into price discovery.

Price discovery can be hit once it breaks the crucial $40,000 resistance area. However, the next pivots can be found via the Fibonacci extension tool at $55,000 and $66,000.

These areas are determined through the 1.618 Fibonacci level, with $66,000 being the most pivotal area. This level of interest is defined by the entire corrective move from $44,000 to $7,500.

If the 2.618 Fibonacci level is used to determine the upside target (and this level is also often used, depending on the strength of the market), then $100,000 or higher is achievable for Yearn.finance.

The BTC pair has a lot to regain

YFI/BTC 1-day chart. Source: TradingView

The daily chart of Yearn.finance against BTC shows a clear downwards pattern similar to most altcoins in recent months.

Most of them are consolidating in the BTC pair while accelerating heavily in the USD pair. Some are reaching new all-time highs in USD value, while the BTC pair is still hovering around the current cycle lows.

Therefore, a bullish outlook for YFI/BTC is questionable at this point. First of all, the 1.12 BTC level needs to break through the upside, which means the next resistance zone is at 1.40-1.65 BTC.

At 1.40-1.65 BTC, the resistance zone is the critical resistance to break and could be classified as the accumulation range high. As long as Yearn.finance moves between 0.68 and 1.40 BTC, the cryptocurrency is in accumulation mode.

YFI/BTC 4-hour chart. Source: TradingView

The 4-hour YFI/BTC chart shows a breakthrough of the 0.96 BTC level. However, the 1.12 BTC level is currently acting as resistance.

This level has to break to see more upside toward the next pivotal resistance area at 1.40-1.65 BTC. If this level fails to break for resistance, the 0.96 BTC area has to sustain support to justify further tests of the 1.12 BTC resistance area.

However, if weakness is shown and 0.96 BTC fails to hold for support, more downside is likely, and a renewed retest of the 0.68 BTC level could happen.

In that regard, YFI/BTC would still be acting inside the accumulation range until Bitcoin starts to consolidate, and more money flows into altcoins.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/yearn-finance-eyes-new-all-time-high-can-yfi-price-reach-the-next-66k-target

Blockchain

Elon Musk Teases Bitcoin Maximilsts Once Again

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The CEO of Tesla, SpaceX, and The Boring Company, has taken another humoristic stab at BTC maxis by asking how many are needed to change a light bulb. The wave of comments didn’t disappoint from names like Michael Saylor, Dan Held, Raoul Pal, and more.

  • Ever since the start of the year when Musk said he regretted not buying bitcoin years ago and later revealed that his EV company had actually purchased $1.5B in BTC, the billionaire has frequently been engaging with the community.
  • Most of the discussions used to be in a positive manner, but it all changed when Tesla disabled BTC payments citing environmental issues. When Musk started bashing the cryptocurrency for its high energy consumption levels, most Bitcoin maximalists changed their tunes as well.
  • However, it seems that Tesla’s CEO sees most of it from a humoristic point of view and the latest example, which came earlier today, supports this idea.
  • He reiterated a popular question on Twitter – ”How many Bitcoin maxis does it take to screw in a lightbulb?” Later on, his own response was also quite ironic.
  • Some popular BTC maximalists and other cryptocurrency commentators quickly offered their opinion on the matter. Michael Saylor, the CEO of MicroStrategy, was among the first who also caught the irony – “if you give us 10 minutes, maybe we can hash out the answer,” referring to how the Bitcoin network works.
  • Peter McCormack, the podcaster who recently interviewed the President of El Salvador on the country’s BTC adoption, took a stab at Musk, while Raoul Pal spoke about his views on what the BTC maxi tribe represents.
  • Interestingly, Dan Held, the Head of Growth at Kraken, responded with a reference towards Elon Musk’s favorite meme coin – Dogecoin.
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Source: https://cryptopotato.com/elon-musk-teases-bitcoin-maximilsts-once-again/

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Blockchain

Bitcoin’s Dominance Rises as BTC Reached a 4-Day High at $35,500 (Market Watch)

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Although bitcoin failed to continue upwards after its intraday high of $35,500, its dominance over the market has increased further. This comes as most alternative coins have stalled, except for Dogecoin, which is up by double-digits.

BTC Dominance on the Rise

After the mid-week crash, in which bitcoin slumped below $30,000 for the first time since January, the asset’s performance has been calmer. It recovered most losses and even spiked to just shy of $35,000 on the following day but failed to continue higher as reported.

The bears drove it south to around $32,000, but the trajectory quickly reversed in the following hours. BTC started climbing again and added more than $3,000 of value.

As a result, it charted a four-day high of approximately $35,500. Despite losing over a grand since then, its dominance over the market has actually increased.

The metric comparing BTC’s market capitalization with all other cryptocurrencies is up to 47%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall While DOGE Pumps

Most of the alternative coins have remained stagnant on a 24-hour scale. Although Ethereum recovered from its most violent stages of the crash, it still fails to overcome $2,000 decisively. As a result, ETH trades just north of $1,900 for a second consecutive day.

Binance Coin jumped higher in the past 24 hours and even exceeded $310 at one point, but has retraced since then and is currently around $290. Cardano, Polkadot, Bitcoin Cash, and Chainlink are slightly in the red since yesterday.

In contrast, Ripple, Uniswap, Litecoin, and Solana have marked minor gains. Dogecoin is the most impressive performer once more from the larger-cap alts following a 10% increase to $0.26.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More fluctuations come from lower- and mid-cap alts. Celo (20%) has surged the most, followed by Nano (16%), Siacoin (12%), THORChain (12%), Curve DAO Token (11%), and Waves (10%).

Klaytn has lost the most from yesterday after a 14% drop. Nevertheless, the cumulative market capitalization of all cryptocurrency assets has remained just shy of $1.4 trillion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/bitcoins-dominance-rises-as-btc-reached-a-4-day-high-at-35500-market-watch/

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Blockchain

XRP, Chainlink, VeChain Price Analysis: 25 June 

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As the market continued to make slow and steady recovery, some altcoins bounced back up earlier than expected while others highlighted more volatility and steeper ups and downs.

With new updates in the SEC v. Ripple lawsuit rearing their heads every other day, XRP hiked after the 21 June fall. VeChain, on the contrary, made headlines after VeTrust, built on VeChain Thor, got adopted by a local Chinese government for better COVID-19 risk management.                                                                                                

XRPSource: XRP/USD – TradingView

XRP made a swift recovery as it noted 22% gains from its 22 June levels. The asset, after testing the $0.775-support on 21 June, fell below this level and tested the lower support at $0.55. XRP, after testing its lower support, later bounced back and highlighted considerable price gains.  

The Bollinger Bands for the asset noted a slight convergence that saw reduced volatility and a less expanded price range as the asset made recovery from its lower lows. Further, bullish momentum could be observed building on the Awesome Oscillator with the appearance of green bars. 

The Relative Strength Index for XRP was heading towards the neutral zone and had a reading of 38.43 at press time. The RSI’s uptick underlined an increase in buying pressure, one which pulled the asset from the oversold zone on 23 June. However, sellers were still dominant at press time.

XRP was trading at $0.67 at press time and if its northbound price movement continues, it can test the  $0.775-resistance as well.  

Chainlink [LINK]Source: LINK/USD – TradingView

LINK was trading at $18.9 at press time and was down 64.01% from its ATH with a breakeven multiple of 2.78. The alt’s price, after testing the $17.3 support, bounced back and made decent recoveries. The 15th ranked coin had a 24-hour price hike of 3.80% and a 7-day price dip of 16.30%. 

In light of the appearance of green candlesticks on the chart, the prevailing trend was slightly bullish. This corresponded with the Parabolic SAR’s white dots that have appeared below the candlesticks since the beginning of 24 June. Further, the Squeeze Momentum Indicator pointed to an active squeeze release (white dots) and projected a bullish trend in store for the asset. 

Finally, the MACD and Signal lines underwent a bullish crossover on 24 June, pointing towards a market recovery for the alt. This could lead the asset to rally towards the $25.9-resistance if recoveries continue.

VeChain [VET]Source: VET/USD – TradingView

VeChain was trading at $0.08 at press time and was ranked 21st on CoinMarkerCap. The alt saw decent recoveries after the 21 June price fall, and its 7-day price dip was 23.29% while its 24-hour price gain was 5.50%. The asset was down 70.14% from its ATH and had a breakeven multiple of 3.35. 

Bollinger Bands for the asset highlighted increased volatility and pictured a more expanded price range as the asset made recovery from its lower lows. Capital inflows for the asset were neutral, according to Chaikin Money Flow, with outflows still dominant in the market.

Finally, the Average Directional Index (ADX), highlighted a non-directional market. Once ADX is under 25, an uptrend can be expected to become stronger. The alt, after testing its lower support at $0.07, bounced back up and if the price rallies further it could touch the resistance level at $0.098.


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Source: https://ambcrypto.com/xrp-chainlink-vechain-price-analysis-25-june

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