The 2-hour chart shows us that YFI is close to breaking below a major trend line. This trend has been in place from the 13th of May low at $60,487.
I consider this to be an important level of support, as a clear break has the potential to push the Yearn Finance price back to $50,000.
A series of lows from early April provide support around the $50k mark.
If the price can stabilize above the trendline, it has a chance to recover. There is some resistance at $70,500, and YFI has failed to break above this area for the last 12 hours.
Therefore clearance of $70,500 would suggest the price can continue higher.
The first target would be 81,970, where the price stalled on the rally of the 14th of April.
I consider this to be an important level of support, as a clear break has the potential to push the Yearn Finance price back to $50,000.
A series of lows from early April provide support around the $50k mark.
If the price can stabilize above the trendline, it has a chance to recover. There is some resistance at $70,500, and YFI has failed to break above this area for the last 12 hours.
Therefore clearance of $70,500 would suggest the price can continue higher.
The first target would be 81,970, where the price stalled on the rally of the 14th of April.
