YFI Transactions Worth More Than $29.8M Each Recently Took Place

• Santiment tweeted that two large whale transactions took place on the YFI network recently.
• The transactions were worth approximately $29.8 million each at the time they took place.
• In related news, YFI’s price is trading bearishly below the 9 and 20 EMA lines on the 4-hour chart.

The blockchain intelligence firm, Santiment, tweeted yesterday that Yearn Finance (YFI) saw the 2 largest transactions in the past 3 months on its network. In the tweet, Santiment went on to add that a pair of transactions worth 3,869.54 YFI, which was estimated to be $29.8 million each at the time, were sent to a known proxy and whale address.

Furthermore, a chart shared in the tweet shows that the highlighted transactions are 3.9 times larger than any other transactions that took place on the network over the last 3 months.

In related news, CoinMarketCap shows that the price of YFI has fallen 2.72% over the last 24 hours. As a result, YFI’s price currently stands at $7,638.13.

YFI’s price has bounced off of a positive trend line that has formed over the last few weeks after YFI’s price consistently printed higher lows.

Despite the bounce off of the positive trend line, the price of YFI is still trading below the 9 and 20 EMA lines on YFI’s 4-hour chart. This is a bearish flag that traders may want to keep an eye on. If YFI’s price is unable to break above the 2 EMA lines within the next 24 hours, then YFI’s price will be brought back down to the positive trend line level at around $7,358.

Should YFI’s price break above the 2 EMA lines, then it will have to overcome the resistance at $7,803 before making a move to the next resistance level at $8,431.

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