Breaking Boundaries: The Rising Buying Interest in #YFI

5 ביוני 2023

💎 Right now, #YFIUSDT continues to trade within a descending channel, confirming the ongoing mid-term downtrend. However, recent price action, particularly the break above the downtrend trendline, indicates an increase in buying interest.

💎 After the trendline breakout, the price retraced to the 78.6% Fibonacci support level, where we witnessed a clean bounce. Today, YFI is once again approaching this demand area, with the downtrend trendline acting as support. This could be a signal that our dedicated Paradisers and avid readers may find intriguing - a relatively quick potential upward move, likely serving as a pullback at this stage. This move could push the price up by 5%, allowing #YFI to test the 61.8% Fibonacci resistance level and the upper boundary of the descending channel.

💎 However, short-term consolidation is also possible, where #YFI may retest the 78.6% support level once again. It is important to exercise caution in the event that this support level is breached by sellers. In such a scenario, close attention should be paid to the recent lower low, as it must remain intact for any potential pullback or trend reversal to occur.