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YFI Price Might Plunge Below $20k, Another Buying Opportunity ?


YFI Price May Form New ATH on Breaking These Levels

One of the most popular DeFi tokens YFI which had made headlines since its inception is expected to plunge to $18,000 levels. The YFI price is expected to drop to the levels if it fails to sustain at $24,000 or $22,000 levels as predicted by one of the analysts

The analyst has presented two possible scenarios, either the YFI price may plunge to $20K-$22K and pump back else it may plunge to $18k to $19K and rebound to the highest levels. 

Considering the worst scenario, if YFI price gets rejected in both the levels, a much deeper retrace may be incoming.  Additionally, the analyst has also said that if the token breaks above the resistance levels at $34K, then it may form a new all-time high.

Also Read: YFI Price Surge by More Than $5000 in just 24 hours, Closed Above $30K

YFI Price Analysis

At the time of writing the defi token has experienced a series of plunges from more than 4-5 hours. The price which had surged above $30K, dropped drastically to below $27,500 within a very small time frame.

The price at the time of composition stands at $27,709 with a loss of 6.63 percent. The RSI indicator also is dumping below 30 levels indicating a bearish trend. The strong support levels at $28,759 were broken and if the downtrend continues, the price may be on its way to retest the support levels at $24,000.

However, the resistance levels still lie at $30K and later at $31K. On the successful rally above the resistance levels, the price may surpass the current ATH at $43,000 to form new highs. 

Also Read Yearn Finance Price Analysis – Analyst Believe 1 YFI = 2 BTC Soon, With YFI Price Hitting $100k!





2020-12-04 12:30:38

Sahana Vibhute Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

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