Leading cryptocurrencies have made huge gains over the past month, increasing momentum in the market. The market is trading at an 18-month high, indicating strong bullish strength. While these developments continue Year Finance also managed to attract attention.
Yearn Finance price is up more than 110% over the past week and is up nearly 200% cumulatively Month to Month (MOM). Following the news of Bitcoin’s possible rally, significant whale activity was recorded in on-chain data, causing the price to experience a massive price jump.
YFI price briefly traded in a tight area between $4,888 and $6,145. The price exhibited minor price movements during last month’s massive price rally.
The price began trading sideways throughout the month until recently when it gained momentum and the altcoin successfully broke out of the top. This generated a lot of interest in the market and resulted in Yearn Finance price breaking out from the $9,701 resistance level.
YFI traded in a relatively narrow and closed area between $9,701 and $10,805 before experiencing another bounce in price value and comfortably surpassing the upper level of $13,472.
The price then rejected at $14,698, following which it started trading sideways. Recently, it attempted a breakout, but the rally was short-lived as it quickly pulled back within the range. It is quite possible that it will test its upper level soon.
The MACD shows a steady green histogram, indicating major buying and selling pressure in the market. Additionally, the averages show a rising pattern, indicating that the price will continue to trade under a bullish influence.
If the bulls sustain the price above the $13,472 resistance level, Yearn Finance price will continue to gain momentum. This will prepare the price to test the $14,698 resistance level. Holding the price at this level will pave the way for the price to attempt to test the upper resistance level of $15,955 in the coming weeks.
Conversely, if the bears overcome the bulls, Yearn Finance price will lose momentum and drop to test the 13,472 support level in the coming days.
Moreover, if the bears continue to dominate the market, it will continue to lose value and is poised to test the lower support level of $10,805 next month.