Yearn.Finance price is currently trading at $22,681 and remains inside a daily uptrend. However, it seems that bears are slowly taking control after the digital asset failed to hold two critical support levels on the daily chart.
The entire cryptocurrency market remains relatively stable with Bitcoin hovering around $18,00 0 and inconclusive bearish breaks without continuation.
Yearn.Finance Price Analysis: Bearish Targets
Despite the current daily uptrend with YFI price forming a high at $29,686 followed by a higher high at $31,780, odds seem to be shifting in favor of the bears. Yearn.Finance price slipped below the 12-EMA and then the 26-EMA, losing both critical support levels and turning bearish in the short-term.
YFI/USD daily chart – TradingView
The last low is established at $18,228 which is the bearish price target. Bulls must defend this level in order to keep control of the daily uptrend which would significantly weaken.
YFI/USD 4-hour chart – TradingView
Looking at the 4-hour chart, the bearish control is quite apparent after a downtrend was confirmed. The MACD crossed bearishly on December 3 and continues weakening. The RSI is oversold but any rebounds were stopped by the 12-EMA resistance level. The next bearish price target seems to be the same at $18,228.
Additionally, the In/Out of the Money Around Price chart shows significant resistance ahead with the most vital resistance area between $24,659 and $25,340. However, anything above $23,298 until $26,021 poses greater resistance than all the support below $22,574.
This suggests that YFI is more likely to slip below $22,574 than climbing above the initial resistance level at $23,298.