Analysis
Polkadot, AAVE, Dogecoin Price Analysis: 03 September
Altcoins such as AAVE and DOGE fell significantly over the last 24 hours. AAVE lost 3.4% of its value, steering away from its immediate support zone of $375.40. Dogecoin, after falling by 2.7%, was priced slightly below its one-week high.
Polkadot, conversely, logged gains of 3.9% and revisited its multi-month high.
Polkadot [DOT]
DOT/USD, TradingView
DOT rose by 3.9% over the last 24 hours and was trading at $32.99. The aforementioned price level was also a multi-month high for the altcoin. The overhead resistance lay at $33.37 and then, at $34.77. Polkadot has maintained a consistent uptrend since 30 August as it recovered by almost 40%.
Technicals displayed mixed signals. Relative Strength Index was beyond 60 in bullish territory. Conversely, the MACD’s green histograms receded and a red histogram was visible, signaling bearish price action. Awesome Oscillator corresponded by flashing red signal bars.
A correction in the price could push DOT to trade near $28.94 and then to $25.22.
In what is a recent development, Cream Finance, a DeFi project, will soon introduce borrowing and lending services on Moonbean. It happens to be a smart contract operating on the Polkadot platform.
AAVE
AAVE recorded losses of 3.4% over the last 24 hours and was priced at $404.83. A sustained downtrend could drag the altcoin down to $375.40 and then, to $338.25. The altcoin last traded near this price level almost a month back.
Buying strength revived as the Relative Strength Index noted an uptick and stood around 60. Chaikin Money Flow also accounted for greater capital inflows.
On the MACD, red histograms were visible. Worth noting, however, that they had receded over the last few trading sessions.
A reversal in price action would mean AAVE attempting to revisit the $414.15 price level, toppling which it could retest its multi-month high of $441.27.
AAVE was recently mentioned as one of the leading Ethereum DeFi Projects joining with Celo for People Collaboration.
Dogecoin [DOGE]
DOGE/USD, TradingView
DOGE has declined by 2.7% since yesterday, bringing the price down to $0.299. The press time price level stood a few notches below its weekly high price of $0.308. A dip from its level now would push DOGE towards the $0.273 support line and then to $0.240. DOGE last traded at $0.240 level almost four weeks back.
Parameters projected bullishness in the market. Buying strength picked up and the Relative Strength Index approached the 60-mark. Chaikin Money Flow also remained above the half-line, indicating positive capital inflows.
Bollinger Bands opened up and pointed to a hike in market volatility over the next few trading sessions.
A positive correction would push DOGE to attempt to retest $0.314 and then revisit its multi-month high of $0.347.
Dogecoin’s latest update includes the meme coin’s fraction-ownership. Owners of the Doge meme non-fungible token (NFT) can now be fractionalizing ownership in the form of $DOG tokens.
