Yearn.finance’s YFI governance token has been struggling to gain any momentum throughout the past few days and weeks, with buyers aiming at sending the cryptocurrency significantly higher.
YFI’s token has been flashing immense signs of strength throughout the past few weeks, with buyers taking control of its price action after massive inflows of selling pressure sent it down to $7,500 just a couple of weeks ago.
It is now trading up over 100% from these lows but is struggling to break above the heavy selling pressure that exists within the lower-$18,000 region.
Until it can shatter the selling pressure that exists here and rally up to fresh highs, there’s a strong possibility that it will continue consolidating or possibly face some selling pressure.
One trader is pointing to a recently formed technical pattern, noting that he believes that the crypto is poised to rally significantly higher in the days and weeks ahead.
He specifically is looking towards it seeing a move past $20,000, noting that this could open the gates for serious upside in the days, weeks, and months ahead.