Correlating with the market sentiment, altcoins like Avalanche, Stellar and AAVE exhibited a bearish inclination. Avalanche fell below all its EMA ribbons. Although its RSI recovered, it needed to ramp up its volumes to confirm a strong bull move.
Stellar and AAVE were still on the bearish bandwagon while their CMF’s still try to keep up the hope for investors.
AVAX saw a 37.58% retracement (since 22 December) and tested the $79.3-support twice in the last 12 days. The double-bottom breakout on its 4-hour chart failed to cross its month-long resistance at the $96.49-mark.
Over the last week, AVAX lost nearly 12.2% of its value. As a result, it fell below all its EMA ribbons while the selling influence heightened. Now, the 20-EMA stood as an immediate hurdle for the bulls to conquer.
At press time, the altcoin was trading at $84.65. After confirming the head and shoulder pattern, the 4-hour RSI tested the oversold region. over the past day, the RSI surged by nearly 15 points and snapped off the 39-mark. However, it becomes vital to take note of the dip by the Volume Oscillator. It depicted weak trading volumes and a rather weak bull move.
The broader 5 January sell-off led XLM to lose over 18% of its value until it poked its five-week low on 10 January. The previous down-channel downfall halted at the $0.02464-mark 24-week support (now resistance).
Now, to prevent a further breakdown, the buyers needed to step in after failing to defend the crucial $0.2464-mark. Any comeback attempt by the bulls would find resistance at the 20-SMA (red).
At press time, XLM traded below its 20-50-200 SMA at $0.2456. After losing its half-line support, the RSI slightly revived from the 33-mark. If it fails to maintain the trendline support (yellow), the price will have to brace for a further dive. However, the CMF rapidly ascended in the last two days to find itself above the zero line. It visibly supported the bulls.
The alt reversed its descent from the critical $159-mark long-term support on 15 December. It saw a staggering 84.8%ROI (from 15 December low) until it poked its six-week high on 28 December.
Over the past few days, AAVE saw a falling wedge (green) breakout that reclaimed the lost 61.8% Fibonacci support.
Now, the bears triggered a pullback and caused an up-channel (white) breakdown that found support at the golden Fibonacci level.
At press time, AAVE traded at $0.0. The RSI wavered below the half-line and flashed a bearish bias. Also, the DMI depicted a bearish edge, but the ADX (directional trend) was weak for AAVE.