Even as Bitcoin started to retrace on charts, altcoins closely followed the movement and stopped moving upward. The likes of ADA and ZCash noted minor falls by 0.9% and 0.8% respectively, while AAVE reported a significant gain of 12.3%.
Cardano has been moving between $1.38 and $1.33 over the last few days. The next support region lay at $1.25. Market volatility might be a factor that comes into play as Bollinger Bands indicated no major divergence.
Red signal bars were seen on Awesome Oscillator, indicating built-up of bearish pressure, MACD on the other showed green histograms, which were declining. A price reversal could also make the coin trade above its immediate resistance level of $1.38.
AAVE surged drastically over the last 2 days; it noted a 12.3% increase overnight as the coin was priced at $354. If the uptrend momentum is maintained, the coin would soon push through resistance level of $381. AAVE’s uptrend could be related to its recent development; Bitwise Investments launched its “Bitwise AAVE Fund”. Awesome Oscillator painted a bullish picture as green signal bars gained strength; MACD reaffirmed by flashing green histograms at press time.
The considerable boom of AAVE forced the coin to move into the overvalued zone, although at the time of writing the coin fell from that territory as seen on Relative Strength Index.
ZCash lost 2.1% valuation over the last 24 hours and if it breaches the $108 level it may even fall to $98. Technical outlook gave a bearish signal as the red signal bars were visible on Awesome Oscillator and MACD’s reading noted two red histograms at press time.
Chaikin Money Flow used the midline to gain support but a fall in prices could push the coin into the bearish zone.