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ALEO crypto bounces 10% in 12 hours, but bearish signs prevail

2min Read

The $2.4 zone saw a cluster of liquidation levels build up around it in the past 48 hours, which the recent ALEO bounce has swept.

Aleo Crypto Faces Persistent Selling Pressure, Downtrend Likely to Continue

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  • ALEO cryptosaw bearish momentum and steady selling pressure.
  • The price bounce to $2.4 could be followed by a downward move, as per the liquidation heatmap.

Aleo [ALEO] crypto was in a steady downtrend in the past month. The token has shed 64% in value within three weeks, a worrying sign.

It was even more worrying because Bitcoin [BTC] and the rest of the market have seen some gains in the past month.

The firm bearish conviction and lack of buying pressure meant that ALEO is set to march further southward.

Uninspired price action reinforces doubt

Aleo 4-hour Chart

Source: ALEO/USDT on TradingView

The market structure on the 4-hour chart was firmly bearish. The recent lower high was at $2.85. ALEO would need to climb another 19% before it can breach this level and flip the market structure bullishly in this timeframe.

The steady selling pressure was reflected in the OBV with its downtrend. Even though the rest of the market saw some gains alongside BTC in the past month, ALEO could not manage any substantial increase.

The Awesome Oscillator resolutely stayed below the zero line to indicate downward momentum. Overall, though there was a minor bounce from $2.15, there wasn’t a sign of bullishness behind the token.

In the coming weeks, ALEO would need to break the $5.65 Fibonacci 78.6% retracement level to give an early signal that it might be gearing up for a sustained rally. As things stand, this scenario might not play out.

ALEO crypto is primed for a pullback

Aleo Liquidation Heatmap

Source: Coinglass


Is your portfolio green? Check the Aleo Profit Calculator


The $2.4 zone saw a cluster of liquidation levels build up around it in the past 48 hours. The recent price bounce from $2.15 swept this zone.

To the north, the next sizeable magnetic zone is at $2.93. Hence, it is likely that the downtrend continues and Aleo crypto will drop toward the $2.1 level and lower.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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