YFI Price May Form New ATH on Breaking These Levels
One of the most popular DeFi tokens YFI which had made headlines since its inception is expected to plunge to $18,000 levels. The YFI price is expected to drop to the levels if it fails to sustain at $24,000 or $22,000 levels as predicted by one of the analysts
The analyst has presented two possible scenarios, either the YFI price may plunge to $20K-$22K and pump back else it may plunge to $18k to $19K and rebound to the highest levels.
Considering the worst scenario, if YFI price gets rejected in both the levels, a much deeper retrace may be incoming. Additionally, the analyst has also said that if the token breaks above the resistance levels at $34K, then it may form a new all-time high.
YFI Price Analysis
At the time of writing the defi token has experienced a series of plunges from more than 4-5 hours. The price which had surged above $30K, dropped drastically to below $27,500 within a very small time frame.
The price at the time of composition stands at $27,709 with a loss of 6.63 percent. The RSI indicator also is dumping below 30 levels indicating a bearish trend. The strong support levels at $28,759 were broken and if the downtrend continues, the price may be on its way to retest the support levels at $24,000.
However, the resistance levels still lie at $30K and later at $31K. On the successful rally above the resistance levels, the price may surpass the current ATH at $43,000 to form new highs.