⚠️ The YFI bulls keep pushing the price up. As crazy as it sounds, 50k YFI is clearly on the table at this rate. On the one hand, you have the use-case that Yearn makes yield farming easy. On the other hand, you have the YFI mania. Put the use case, bullish chart, and FOMO together and what do you get? We think you get another leg up to at least 50k.
All that said, we are analysts, not just DeFi fans, so we will take a critical look at the bull and bear case here.
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Support: The S1 S/R flip range is ideal support for bulls who are looking to see YFI just keep moving. We broke resistance already, next direction really should be up here. If S1 can't hold, then there is room to strengthen the current range by finding support at S2. If the range holds long enough, we may even intersect with the uptrend channel's bottom trendline to find additional support. With that said, as you can see on the chart, we have much more confidence in a run from S1 than S2.
Resistance: After recently moving past previous resistance points (see the bearish orderblocks on the chart), there is no real resistance left of YFI's chart. With that said, our target here is the top of the channel at 50k.
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Summary: YFI has the sentiment, use case, and room in terms of market cap to keep moving. That said, after such a strong move, any sort of indecision is going to be a bad look. So do watch out with rushing to buy the dip on this one if S1 can't hold.
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