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YEARN-FINANCE – ALTCOIN CHART ANALYSIS

 


Yearn-Finance (YFI) lost a lot of ground after its short hype in August and has been consolidating between USD 7000 – 9000 for some time now.


We are currently trading around $7,500 in a clear downtrend. However, we may see the end of this downtrend here soon.


On the 4H chart, we are right in the golden pocket of the upside move of around $4,000. Furthermore, a falling wedge chart pattern forms.


Nevertheless, a last sell-off in the region around USD 6,800 could follow, as we still have an inefficiency to fill here.

The picture looks similar on the daily chart. The volume is gradually decreasing and the Daily EMA Ribbons continue to push us lower.


It would be important that the range holds up to around USD 6,500 and that we do not go lower, otherwise we are threatened with a lower low. However, if this area holds, YFI could start a rally.


The falling wedge's technical price target is around $14,000, which would mean the last high. A breakout with volume is the key here.

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