EOS, Filecoin, YFI Price Analysis: May 12

As Bitcoin refused to cross the $ 60,000 mark, many altcoins in the market rose instead due to Ethereum’s bullish trend, with Ethereum surpassing $ 4,000 following an astonishing run on the price charts. However, these corresponding effects were by no means uniform, with the likes of EOS, Filecoin, and YFI noting price changes.


Source: EOS / USD on TradingView

Once a mainstay of the market’s top 10, EOS, at the time of writing this article, was down to 17th place in the CoinMarketCap rankings. In April, the uptrend in altcoin was halted when the market depreciated following the fall in Bitcoin. The month of May, however, saw the altcoin rise in the charts again and do so exponentially.

The last 10 days alone, in fact, have seen EOS register separate increases of 79% and 56%. These outbreaks have also been accompanied by peaks in trade volumes.

The magnitude of the uptrend in the EOS market has been underscored by the results of its technical indicators. While Parabolic SAR dotted markers were under the price candles, relative strength index had dipped slightly after a brief foray into the overbought zone.

It was assumed that the last action on EOS prices was sets off by Block.One announcing a new subsidiary, Bullish Global, with more than $ 10 billion in funding.

Filecoin [FIL]

Source: FIL / USD on TradingView

Since a sharp rise in value saw FIL surge on price charts in late March, altcoin has fallen in favor of a steady wave of depreciation. Although Filecoin experienced brief rises during the said period, they were not sustained long enough to project a trend reversal. At the time of writing, the crypto has yet to register part of the uptrend that the rest of the altcoin market is noting.

The mouth of the Bollinger bands held steady, with its breadth a sign of price volatility remaining stable in the short term. On the contrary, the MACD the line remained below the signal line. A bullish cross here will be the first step towards a trend reversal.

According to recent analysis, if FIL continues to follow bearish trendlines, it could drop to $ 91.8 soon.

Yearn.finance [YFI]

Source: YFI / USD on TradingView

While the rest of the altcoin market has surged in recent months, YFI itself has limited itself to trading within a defined channel, with DeFi’s growing popularity and success doing little to rush action. bullish price on YFI charts. Even when YFI noted gains, in April for example, these did not hold up and were lost as soon as the market corrected.

The last three days, however, have been a whole different story. In fact, the cryptocurrency has climbed over 60% in just 3 days.

Said price action had a corresponding effect on altcoin indicators like Chaikin Money Flow climbed almost vertically to hit 0.40, while the Awesome oscillator describes an increase in market dynamics.

Thanks to the latest gains from YFI, it is possible to invest in altcoin.

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About Aaron Humphreys


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