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YFIUSDT

YFI: Imminent Breakout AnalysisIn this post, I'll be providing my technical analysis on YFI, specifically for the Tether (USDT) pair on the daily. YFI is a decentralized finance (de-fi) coin that has seen immense gains ever since it got listed on Binance Analysis - The first thing we can notice is that YFI is consolidating within a descending wedge - It has been forming lower highs and lower lows for the past few weeks - However, what's worth noting is that the local support has been tested, and we have seen a breakout in volume - This adds confidence to bulls who have been accumulating YFI - The Relative Strength Index (RSI) as well, while still in a overall downtrend, is showing signs of a reversal by forming a higher low - The Moving Average Convergence Divergence (MACD) shows decreasing bearish histograms, and a potential golden cross - There are strong support and resistance zones we can identify - Firstly, we need to break and close above the point where the descending trend line resistance and 0.236 Fibonacci resistance converge - With confirmation, we could see a breakout with momentum leading up to the 0.618 Fibonacci resistance, and then the ascending trend line resistance marked by the dotted red line Conclusion In summary, the fact that there was a volume breakout at the local support level is extremely bullish. Indicators are demonstrating signs of a reversal as well, and we could anticipate huge upside as this coin has a price history of having demonstrated huge momentum. If you like this analysis, please make sure to like the post, and follow for more quality content! I would also appreciate it if you could leave a comment below with some original insight.
Long
by Michael_Wang_Official
12
YFIBTC - Upcoming scenariosDefi zones recovery did not take long. If we want to be optimistic, the current decline is a correction of the previous uptrend and not the other way around! With this assumption, our entry point will be in these areas. On this pair..There are two good points to entry long position.. 1.4 and 1.3 At 1.4 we have static support from the past of Market and fibo 61%. also a positive divergence on 15min frame. At 1.3 we have static support from the past of Market, fibo78% and 261% of this downside movements. No significant reversal patterns have been seen yet I think it is not unlikely to reach the second point if you are going to long this, I suggest you plan so that you are not surprised! If the uptrend starts from the first point , it indicates more power and we can expect growth up to 161 %. If the origin of the uptrend is from the second point , 127 % is a more reliable price target. If the situation becomes unfavorable due to BTC behavior and support be broken , there is a strong potential for us to reach to round number 1!
Long
by Algorca