{"id":451417,"date":"2020-12-03T11:23:04","date_gmt":"2020-12-03T11:23:04","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=451417"},"modified":"2020-12-03T11:24:26","modified_gmt":"2020-12-03T11:24:26","slug":"the-bullish-and-bearish-scenario-of-yearn-finances-yfi-token","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/yearnfinance\/the-bullish-and-bearish-scenario-of-yearn-finances-yfi-token\/","title":{"rendered":"The Bullish and Bearish Scenario of Yearn Finance’s YFI Token"},"content":{"rendered":"
Yearn Finance’s governance token YFI continued its winning spree entering the Thursday session as its price maintained its weekly gains of about 30 percent.<\/p>\n
The YFI\/USD exchange rate surged in the early European session<\/a>, hitting $31,884 before turning lower due to profit-taking sentiment. That marked the second time in the previous 24 hours that witnessed the pair attempting to break above the $30,000-level.<\/p>\n Nevertheless, YFI appeared oversold after rallying almost parabolically from its quarter low of $7,015. That amounted to a downside correction \u2014 or consolidation unless the trend neutralizes to provide traders a stable buying level.<\/p>\n Looking from the technical perspective, YFI found itself catering to two separate bias indicators: the Head and Shoulder pattern, which is bearish, and the Ascending Triangle pattern, which is bullish. Here is a detailed outlook.<\/p>\n The chart below shows YFI on the cusp of completing a Head and Shoulder pattern.<\/p>\n <\/a><\/p>\n In retrospect, the H&S chart formation<\/a> appears when an asset forms three peaks consecutively on baseline support, with the middle being the highest than the other two that are of almost the same height. Traders interpret H&S as a bullish-to-bearish reversal pattern, pointing that the running uptrend is coming to exhaustion.<\/p>\n YFI has just formed the right and final shoulder (or peak). Technically, the cryptocurrency should follow up with a pullback towards the baseline (the longest black trendline). While that would make an H&S pattern, it would take another bearish breakdown below the baseline to confirm its whole.<\/p>\nThe Bearish YFI<\/h2>\n
Yearn Finance's H&S Pattern in an uptrend. Source: YFIUSD on TradingView.com<\/a><\/pre>\n