A good month beginning makes the whole month good. The first part of December in the YFII market was not very positive for buyers. The constant price movement in the consolidation range of $1900-2150 significantly depleted them. Buyers gave the mark of $1900 on 8 December and then they lost the local initiative.
Today, the price moves to $1660, where it will be decided whether investors will see $2850 in the near future. Positive news about Sushiswap and Yearn.finance unification did not give the necessary push to YFII, compromising to the local downward trend.
However, the situation is quite suspicious. In the previous article we already mentioned that after a sharp falling momentum on 26 November, trading volumes disappeared from the YFII market.
The trading volumes systematic decline continues
Indeed, the growth wave from 27 November to 3 December looks weak. Though, the current fall attempt of the YFI price looks even weaker:
The situation with volumes proves us that there is a price consolidation in 30% range ($1660-2150) in the YFII market. The mark of $1900 is the middle of consolidation and in this case will support sellers to try to get out of the price stagnation.
Buyers’ interest in the dfi.money project token will increase either at $1660 or above $2150.
The active sales will be after fixing below $1660.
Probable scenarios of the YFII price movement
Therefore, while the mark of $1900 under sellers’ control, the probability of the strength test of $1660 is quite high. The previous two attempts by sellers to take control of $1660 were thwarted very aggressively:
Therefore, to realize the price movement in the blue growth channel and test $2850, we must see the strength and opposition of real bulls.
The “calf scenario” of the price movement will be evidenced by low trading volumes of about $1660. The result of a strong buyer lack will be the fall continuation in the range of $1300-1400.
BTC market has a negative impact on YFII
A big role in the current fall is played by the BTC price fall. It provokes investors to close their positions until better times. Sellers captured the first critical point at $18,500 and the next probable turning point is $17,200. At the same time, the BTC dominance still continues to grow, unlike other coins:
Thus, without stabilizing the situation in the BTC market, the YFII price growth can only be dreamed of.