Since November 10 in the Yearn.Finance market, when the bull market was rejected at $6691 and fell below the resistance, neither the demand line nor the supply line could make any progress as both sides became evenly matched. But towards the end of November, the bull market began to gain momentum. And within the first three days of December, the bullish price came above the major resistance level which is $6691. But so far, the bull market is not doing well above the $6691 price level.
Yearn.Finance Market Price Statistic:
- YFI/USD price now: $6760
- YFI/USD market cap: 247,649,559
- YFI/USD circulating supply:36,637.72
- YFI/USD total supply: 36,666
- YFI/USD coin market ranking: #110
- Resistance: $8000, $9000, $10,000
- Support: $6000, $5000, $4000
Yearn.Finance Market Price Analysis: The Indicators’ Point of View
The bullish price is facing immense pressure after breaking the resistance level. And because of that, we may not regard the market to have broken out of the deadlock yet. The RSI line continues to measure the momentum of the market in the midrange as the bullish price remains stagnant due to the pressure. However, because of the slight upper hand that the bulls are having, the Bollinger indicator appears to be moving slightly to the upside as it, yet, continues to maintain a narrow price channel.
YFI/USD 4-Hour Chart Outlook
The bulls seem to be succumbing to the bearish resistance. However, the forces of demand behind the price movement prevent the sellers from taking the price too far. With a new higher support level and an unmovable resistance level like this one, the bull market may be weakening. And a bearish price breakout may be imminent.
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