• Yearn Finance price broke out of an ascending triangle pattern recently forecasting a potential 90% upswing to $76,500.
  • On-chain transactional data reveals that a 1-day candlestick close above $46,000 is a must for YFI’s rally.
  • Rejection at this crucial supply barrier could lead to a correction towards $30,000.

Yearn Finance price has been consolidating in an ascending triangle pattern for almost five months. A spike in YFI price and volume on February 11 signaled the end of the stagnation phase and the beginning of a new uptrend.

Yearn Finance price aims for higher highs

Yearn Finance price broke out of an ascending triangle pattern recently, indicating a bullish future for the altcoin. Such a technical formation predicts a 90% price surge, which is the distance of the triangle’s y-axis, applied to the breakout point.

This target puts YFI at $76,500.

YFI/USDT 1-day chart

YFI/USDT 1-day chart

Based on IntoTheBlock’s Global In/Out of the Money (GIOM) model, the resistance barrier at $46,000 is the only one preventing YFI’s bull rally. Here, roughly 2,000 addresses that purchased nearly 8,200 YFI are underwater.

Therefore, these investors might absorb any short-term bullish momentum by selling their holdings to break even. Hence, a 1-day candlestick close above this level is essential for YFI’s upswing.

Yearn Finance GIOM chart

Yearn Finance GIOM chart

On the other hand, YFI’s bullish thesis will be invalidated if the short-term buying pressure is overwhelmed by the “Out of the Money” investors around the $46,000 level.

In such a case, a steep correction will push the governance token to the support barrier at $30,000, where roughly 3,100 addresses hold 7,600 YFI.

Source