The YFII token trades between the support at $ 1,220 and resistance at $ 1,950.
YFI token regained resistance at $ 13,000.
The DeFi Index broke a line of descending resistance
Both DFI.Money ( YFII ) and Yearn.Finance ( YFI ) prices broke a descending resistance line, before regaining a significant level of support shortly thereafter.
There may be several DeFi tokens that have bottomed out after a long decline, with many starting to rally.
The YFII token price has been rising from its low of $ 970 on November 5. Shortly after descending to that level, price returned to the $ 1,240 area and broke through a descending resistance line, reaching a local high of $ 1,959.
The YFII was however rejected by the $ 1,960 zone after validating it as resistance. This zone corresponds to the fibonacci level 0.618 of the entire downward movement
The technical indicators are relatively bullish, knowing that the MACD line has crossed above 0 and the RSI has crossed the 50 mark. Thus, as long as the price moves above the support zone of $ 1,240 , it is expected to continue to rise. He should then end up attempting to pass his resistance again.
Cryptocurrency trader @devchart pointed to a YFI chart, showing a possible bullish pennant figure. He further asserts that the price could soon exceed this figure.
Similar to the YFII, the price of the YFI also broke a downward resistance line. It then regained support at $ 13,000 soon after.
The pennant is seen as a figure of bullish continuity. Knowing that it appeared as a result of an upward movement, one would expect this to result in a passage over this figure.
If the price breaks the flag and continues to rise, it could reach its next resistance zone at $ 21,000.