Analytics

Yearn Finance (YFI) and Bancor (BNT) Technical Analysis: What to Expect?

Yearn Finance and Bancor prices bullish. All the same, YFI/USDT bulls must first close above $40k for a buy trend continuation. On the other hand, BNT/USDT buyers must maintain prices above $4 to validate the breakout of last week.

Yearn Finance (YFI)

The Yearn Finance protocol is an aggregator aiming to maximize yield farming using YFI as the primary governance token.

Past Performance of YFI

YFI crypto prices have been grinding higher, shaking off bears.

The YFI token is relatively stable versus the greenback on the last trading day, finding resistance at around $40k-$41k.

YFI token buyers are overly confident of trend continuation.

Day-Ahead and What to Expect

Overly, Yearn Finance technical analysis indicates strength. However, the uptrend is clipped.

YFI token bulls have failed to breach $41k—around July 2021 highs in confirmation of buyers from July 20 and 21.

Even so, if YFI buyers come on top, the token could rally to $52k in the medium term.

YFI/USDT Technical Analysis

There are lower lows relative to the upper BB as YFI/USDT prices consolidate, reading from price action in the daily chart.

Technically, every low may offer a buying opportunity for aggressive Yearn Finance token buyers.

Leaning on caution, a close above $41k, confirming gains of August 11, provides better entries to double down in a bullish breakout pattern. In that case, the first buy target would be $52k.

Losses below $34k would unwind bullish efforts, even forcing a dump back to $26k for YFI.

Bancor (BNT)

The Bancor platform is among the first DeFi projects to allow trustless swapping of tokens using smart contracts. The multi-chain dApps uses BNT as their internal currency.

Past Performance of BNT

After deep losses from May through June, BNT token prices stabilized in July before bouncing higher in late July 2021.

Technically, BNT buyers are in control. Even so, the breakout above $6 hasn’t been confirmed with a solid bull bar.

Instead, prices are consolidating, with a mix of bear and bull bars above $6.

Day-Ahead and What to Expect

From the Bancor technical analysis in the daily chart, BNT crypto prices will remain bullish if prices don’t fall back below $4.

In that case, BNT may gradually expand back towards $6, confirming the double bar bullish breakout pattern of late July and the bullish breakout of last week.

BNT/USDT Technical Analysis

Bancor technical analysis points to consolidation within a rising channel in lower time frames.

There might be chances of entries above $4 for buyers targeting $6.

However, losses below $4 nullify the buy trend continuation, snapping back Bancor prices into the sideways movement of July 2021.

   

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