As Bitcoin'due south (BTC) price has been consolidating in recent weeks, many other crypto assets started to show forcefulness. This was largely expected since altcoins mostly do better once BTC cools downwards.

Lower volatility in Bitcoin ways higher volatility for altcoins equally the money flows from Bitcoin to altcoins. Ether (ETH), for example, is now looking to break its all-time loftier almost a month after Bitcoin's surpassed its own milestone.

However, one of the biggest gainers in recent days is Yearn.finance (YFI), which is approaching its own all-time high at $47,000, and whose rally is also being boosted past the launch of a new upgrade, namely v2 Vaults.

Let's accept a wait at the technicals and come across if the best high may get broken in the next few days.

The $44,000 ATH could suspension in the near future

YFI/USDT one-solar day chart. Source: TradingView

Yearn.finance is showing strength in the USD pair, approaching a new all-time high. However, the current resistance is the final hurdle before this level can be broken.

The chart in itself shows a articulate support/resistance flip of the $18,250 level. This support/resistance flip generated further momentum toward the $30,000 barrier.

This $30,000 barrier finally broke at the offset of January 2021, as the price of YFI accelerated to the $40,000 resistance zone. As long as the $30,000 level sustains support, for now, further upside is probable.

A potential rally to $66,000 is on the horizon

YFI/USDT 1-24-hour interval chart. Source: TradingView

I've recently discussed the Fibonacci extension tool as a magnificent indicator to use for further projections of price movements. This indicator can be used on Yearn.Finance equally well, equally YFI's cost might continue running into cost discovery.

Price discovery can be hit once it breaks the crucial $40,000 resistance expanse. Notwithstanding, the next pivots tin can be plant via the Fibonacci extension tool at $55,000 and $66,000.

These areas are determined through the 1.618 Fibonacci level, with $66,000 existence the most pivotal area. This level of interest is defined by the entire corrective move from $44,000 to $vii,500.

If the 2.618 Fibonacci level is used to determine the upside target (and this level is also ofttimes used, depending on the forcefulness of the market), then $100,000 or higher is doable for Yearn.finance.

The BTC pair has a lot to regain

YFI/BTC ane-day chart. Source: TradingView

The daily chart of Yearn.finance against BTC shows a articulate downwardly pattern similar to near altcoins in recent months.

Well-nigh of them are consolidating in the BTC pair while accelerating heavily in the USD pair. Some are reaching new all-fourth dimension highs in USD value, while the BTC pair is still hovering effectually the electric current wheel lows.

Therefore, a bullish outlook for YFI/BTC is questionable at this bespeak. Get-go of all, the 1.12 BTC level needs to break through the upside, which ways the adjacent resistance zone is at 1.40-1.65 BTC.

At 1.40-1.65 BTC, the resistance zone is the critical resistance to break and could exist classified as the accumulation range high. Equally long equally Yearn.finance moves between 0.68 and 1.xl BTC, the cryptocurrency is in accumulation mode.

YFI/BTC 4-hour chart. Source: TradingView

The 4-hour YFI/BTC chart shows a quantum of the 0.96 BTC level. Nonetheless, the one.12 BTC level is currently interim equally resistance.

This level has to break to see more upside toward the next pivotal resistance area at one.40-one.65 BTC. If this level fails to interruption for resistance, the 0.96 BTC area has to sustain back up to justify further tests of the one.12 BTC resistance expanse.

However, if weakness is shown and 0.96 BTC fails to hold for support, more than downside is probable, and a renewed retest of the 0.68 BTC level could happen.

In that regard, YFI/BTC would still be acting inside the accumulation range until Bitcoin starts to consolidate, and more money flows into altcoins.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves risk. You should conduct your own research when making a decision.