Any DFI.Money price predictions that predict a recovery may have come too early, as the price action has suffered a dip this Thursday. The YFII/USDT pair is down 13.65%, shaving half of Wednesday’s gains as the market sentiment takes a bearish turn.
The Fed’s 75bps rate hike is the largest single-day hike in 28 years. The shock of the move, which surpassed market expectations, drove the US Dollar lower and sent altcoins soaring. However, the dust has settled, and market interest in the DFI.Money token has shifted once more to the downside.
Higher interest rates promote investment flows from the risky assets (stocks, cryptos) into the bond markets and other money-market instruments. With such a big move from the Fed, we will likely see a resumption in selling in the short term. The rally seen on Thursday may have provided sellers with better opportunities to resume their short positions. For traders on the YFII/USDT pair, there is only one obstacle to the south before the price action hits new record lows.
Here is the DFI.Money price prediction, heading into the home stretch of the 2nd quarter.
The daily chart shows the recent price action trading within a narrow range formed by the 644.08 resistance and the 359.19 support level. The rejection at the 644.08 price level by the 15 June candle has initiated a pullback move which looks set to retest the support at 359.19 (25 May low). A breakdown of this level sends the price into record low territory. A potential target to the south lies at the 100% Fibonacci extension level at 145.68.
On the flip side, a break above 644.08 targets the 851.10 resistance level (26 May high). A further target to the north resides at 1021.80 (10 May low). Additional barriers to the north which become new targets with a further advance of price action include 1272.82 and 1457.23 (15 May 2022 high).
This post was last modified on Jun 16, 2022, 14:44 BST 14:44