Yearn Finance (YFI) and Basic Attention Token (BAT) Technical Analysis: What to Expect?
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Yearn Finance (YFI)
The automated yield aggregator is one of the biggest DeFi protocols in the sphere, managing over $3.8 billion worth of assets. It uses the scarce YFI token for governance.
Past Performance of YFI
The uptrend is valid. Buyers are still in contention despite the consolidation of the last past few days.
Technical candlestick arrangement suggests that YFI bulls might reclaim $40k in the medium term, building on the impressive gains of the tail end of July 2021.
At the time of writing, YFI is stable against the USD.
Day-Ahead and What to Expect
A glance at the daily chart suggests that YFI buyers are trying to unwind losses of May and June. YFI/USDT prices are consolidating inside a wider $14k zone with caps at $26k and $40k to the upside.
YFI/USDT Technical Analysis
Technically, buyers are in contention as per the candlestick arrangement in the daily chart.
As it is, YFI prices could rally towards $40k once the immediate resistance level at $34.2k is cleared.
Afterward, the first target would be $40k, an opportunity for risk-off traders.
On the flip side, a dip below the middle BB and $29.5k cancels the uptrend, a ground for sellers to drive YFI prices back to $26k.
Basic Attention Token (BAT)
The project introduces a new advertising model via the blockchain using BAT as the utility token.
Past Performance of BAT
After consolidating for more than a month, BAT/USDT prices are within a bullish breakout pattern, above $0.60.
Although the breakout is not comprehensive, complete with back-to-back bull bars, buyers have successfully maintained prices above $0.60.
At press time, BAT is stable against the USD, adding three percent.
Day-Ahead and What to Expect
Aforementioned, BAT/USDT prices are now within a bullish breakout pattern.
Gains are stable on the last day of trading.
As things stand, every low could consist of a retest, an opportunity for BAT traders to possibly double down.
Even so, this bullish breakout pattern is only valid as long as BAT is trending above $0.60.
BAT/USDT Technical Analysis
There might be lower lows from the upper BB suggesting bears, but BAT bulls are firm.
As long as prices trend above $0.60, BAT/USDT buyers may load the retracement, targeting $0.95.
Losses below $0.60 nullify the uptrend.