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In this analysis, I'll be explaining the speculative nature of the alt-coin market, exemplified by the defi hype.
Analysis - It's extremely difficult, almost impossible to apply technical analysis to the newly listed Defi coins on major cryptocurrency exchanges - They have very little price history data, and most of their fundamentals in terms of project development, is questionable to say the least - In the case of YFII, we can look at the hourly chart to speculate its next move - As the 'Defi-hype' is not over yet, there is still a lot of capital flowing into altcoins, and bullish movements are supported by high volume - Based on market psychology, people who have missed out of the YFI opportunity, are jumping into YFII, in fears of missing out - Based on the trend, we can see that a "U" shape recovery is taking place, with potentiality for YFII to hit its previous high once again - It has gone up over 100% already from the local bottom, and has an 80% upside to the next top - The Ichimoku cloud confirms the bullish trend, as prices are trading above the cloud.
The cryptocurrency altcoin market, currently driven by the Defi-hype, is just another phase of a speculative market after the 2017 ICO phase, and 2018 STO phase.
Don't predict the market. Take it by levels, and play by probabilities.