YFI/USD Retraces Lower After Hitting Upper Limit of the Bollinger

YFI/USD has been picking up minimal gains in recent times. And it appears as if price action has been ranging in a slightly upward-slopping price channel. Therefore, we can hope that this price channel is maintained.

yearn.finance Analysis Statistics Data:
YFI value now: $6,947.64
YFI market cap: $256.90 million
yearn.finance moving supply: 36,638
yearn.finance Total Supply: 36,666
YFI Coinmarketcap ranking: #106

Major price Levels:
Ceiling: $7,000 $7,150, $7,200
Floor: $6,947.64, $6,900, $6,860

yearn.finance Prediction Today December 9. 2022: YFI/USD May Maintain Trading Pattern After Hitting Resistance

The general YFI/USD formed by price candle pattern is an upward-slopping price channel. Price action seems to have been maintaining this pattern since halfway into November. The terminating part of the Bollinger band can be seen slightly pointing upwards, to indicate how price action has been faring so far. At this point price candle has taken a deflection off the ceiling of the Bollinger band, and it has retraced towards lower levels. Despite this, the curve of the Bollinger band continues to move above the equilibrium point. Coupled with the fact that price activities still lie above the MA of the Bollinger band indicator traders can expect price action to maintain the observed trading pattern.

yearn.finance Prediction Today December 9, 2022: YFI/USD Appears to Be Reversing to the Upside

Signs coming of the MACD indicator on the YFI/USD 4-hour market seem to be pointing to a decrease in the downside momentum. Looking at this Indicator, it could be observed that the bars below the equilibrium level are becoming shorter. Also, the lines of this Indicator are kind of reducing their steepness towards the sub-equilibrium level. Additionally, the size of the bearish candle for this session seems considerably smaller than the previous one. Going by signs here, traders can expect yearn.finance market to keep picking up minimal or moderate gains, towards the $7,100 price level.

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