đš $YFI /USDT Chart Analysis đš
1. Historical Price Movement:
The chart showcases a peak of $95,000 in 2020, followed by a sharp decline.
YFI has seen consistent bearish trends post-peak, with support holding around $3,000.
After prolonged consolidation, current price action reflects early signs of potential bullish recovery.
2. Current Price:
Price: $10,365
24H High: $11,059
24H Low: $10,026
The current price is up from the consolidation lows and showing a breakout attempt.
3. Key Levels:
Support Zone: $3,000 - $4,000
Resistance Levels:
Minor Resistance: $12,000
Major Resistance: $32,000
Psychological Barrier: $10,000 (just reclaimed).
4. Market Structure:
Long-term downtrend structure has flattened, indicating accumulation at low levels.
A breakout above $12,000 can trigger significant upside momentum.
Volume remains relatively low; a spike in buying pressure is required for sustained movement.
5. Indicators to Monitor:
Volume: A clear surge in volume is critical for confirming any breakout.
Relative Strength Index (RSI): Likely moving towards neutral or slightly bullish territory.
6. Future Price Outlook:
A breakout and close above $12,000 could push YFI toward the next major resistance at $32,000.
Downside Risk: If bulls fail to hold above $10,000, price may retest support around $7,000.
Trade Strategy:
Long Position: Monitor for breakout above $12,000 with volume confirmation.
Take Profit Targets:
1st Target: $16,000
2nd Target: $32,000
Stop-Loss: Place at $9,800 to manage downside risks.
Risk Management:
Secure partial profits near resistance levels.
Adjust stop-loss to break even if price sustains above $12,000.
Key Observations:
Signs of Recovery: The price is exiting consolidation after a long downtrend.
Next Potential Move: A successful breakout may lead to a strong bullish rally.
Volume Confirmation: Critical to assess the strength of buyers.