Yei Finance (CLO) is experiencing renewed strength, defying the ongoing downtrend currently being witnessed in the larger cryptocurrency market. Today, CLO jumped 50.37%, making it one of the top assets that attracted the attention of market analyst CryptoBullMaker.
CLO is a DeFi cryptocurrency token of Yei Finance, a cross-chain decentralized finance protocol built on the Sei Network, allowing users to seamlessly lend, trade, and bridge across various blockchain networks.
Based on the price jump noted today, CLO has gained significant momentum despite the ongoing crypto downside, with the analyst predicting a major upcoming uptrend.
CLO’s Ascending Triangle Pattern
With the impressive record gained (as showcased above), the analyst now believes that CLO is ready for a big movement. The DeFi token has demonstrated robust resilience, supported by trading activity and technical setup, suggesting signs of token accumulation.
Today, CLO recorded a massive 63.7% surge, making it one of the top gainers in the crypto market, according to data from CoinGecko metrics. Besides that, its price has been up 80.3% over the past week, a reflection of its recent renewed strength and an indicator that its market is already heating up.
Technical analysis shows that the asset is forming an ascending triangle pattern on its weekly timeframe. This bullish setup indicates that Yei Finance is in a steady phase of accumulation as buyers gradually enter the market and consequently push the price higher.
The chart shows a series of higher lows that indicate rising buying interest despite corrections in the wider crypto market. According to the analyst, the crypto asset sits in the demand zone as savvy investors are quietly accumulating CLO/USDT before the breakout.
CLO Bullish Ahead?
The technical formation of the ascending triangle pattern suggests that a decisive breakout could be on the horizon. As reported by CornMarketCap data, CLO registered a 337.2% increase in its trading volume today, another confirmation that the token is in a phase of accumulation, where buyers are consistently getting into the market at higher prices. This behaviour traditionally happens before a breakout, as demand drains the token supply. The analyst identified $0.1761 as a long-term target (as an upcoming 50% rise from the current price at $0.1169) if market sentiment continues to support the buying interest.
