YFI Price Prediction: Yearn.Finance (YFI) Eyes a Run at $9,000
- Yearn.Finance (YFI) surged by 30.5% on Friday. The breakout followed a 9.2% rally on Thursday, as demand for riskier assets bounced back.
- The appetite for DeFi tokens was the key driver, however, with DeFi tokens on the move.
- Technical indicators are bullish, with YFI sitting at the 200-day EMA.
On Friday, Yearn.Finance (YFI) surged by 30.53%. Following a 9.15% rally on Thursday, YFI ended the day at $7,084.
A range-bound morning saw YFI fall to a mid-morning low of $5,351 before making a move.
Steering clear of the Major Support Levels, YFI broke through the day’s Major Resistance Levels to strike a late high of $8,075.
Despite a late pullback to $7,000 levels, YFI held above the Third Major Resistance Level at $6,375.
After two breakout sessions, it was a testy start to the weekend.
Yearn.Finance Finds Support as Demand for DeFi Tokens Surges
Demand for DeFi tokens has improved, supported by the pickup in investor appetite for cryptos.
With the broader crypto market recovering from current year lows, the battered DeFi space has found greater investor interest.
On Friday, AVAX rallied by 11.8%, with NEAR ending the day up 12.3%, with both on the move this morning.
The current trend is aligned with the TVL numbers, suggesting that the recovery may be sustainable.
However, much will depend on events across the crypto market, sentiment toward Fed monetary policy, and the economic outlook. Headwinds remain that leave the broader market exposed to the threat of another reversal.
According to DeFi Llama, the total value locked increased by 2.89% over 24 hours.
Yearn.Finance (YFI) Price Action
At the time of writing, YFI was down 2.10% to $6,935.
A mixed morning saw YFI rise to an early high of $7,334 before falling to a low of $6,847.
YFI left the Major Support and Resistance Levels untested.
YFI will need to avoid the $6,835 pivot to target the First Major Resistance Level at $8,321.
A broad-based crypto rally would support a breakout from the Friday high of $8,075.
In the event of another extended rally, the bulls could target the Second Major Resistance Level at $9,559 and resistance at $10,000. The Third Major Resistance Level sits at $12,285.
A fall through the pivot would bring the First Major Support Level at $5,598 into play. Barring a bearish afternoon session, YFI should steer well clear of sub-$5,500. The Second Major Support Level sits at $4,113.
The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. YFI sat above the 100-day EMA, currently at $5,785. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA, both bullish signals.
A move back through the 200-day EMA would bring the Major Resistance Levels into play.