Bitcoin and Ethereum resumed their consolidation on the charts, although some altcoins continued moving south. The likes of XTZ, AAVE, and FIL all saw some degree of depreciation.
XTZ dipped and traded close to its immediate support of $4.49. AAVE could break below the $338.25 price floor to rest at $290.96. Finally, Filecoin fell by 3% and was trading under its $74.98 support.
Tezos lost 2.5% of its value over the last 24 hours and was trading at $4.55. The altcoin was trading very close to its immediate support of $4.49. With sustained downward movement, XTZ could fall on the $3.91 support line. Indicators pointed to bearish price action.
The MACD underwent a bearish crossover and flashed red histograms. The Awesome Oscillator observed red signal bars affirming the same. The Bollinger Bands opened up, meaning that market volatility could increase.
To invalidate the bearish thesis, XTZ would need to trade above $4.49 for long enough to be able to retest the $5.08 resistance.
AAVE declined by 3.5% and was priced at $352.80. The altcoin moved closer to trade near its immediate support level of $338.25. If AAVE trades below the $338.25 support, it can rest on the $290.96 price floor. Technical parameters hinted at negative price action.
The MACD saw red histograms underlining bearishness in the market. Sellers dominated the market while the Relative Strength Index threatened to fall into the oversold territory. The Bollinger Bands diverged, meaning that market volatility might remain low.
On the upside, AAVE would need to topple $375.40 and $414.15 in order to retest the $441.27 price ceiling.
Filecoin was trading at $72.26 on the back of a 3% decline. The altcoin was trading under its $74.98 support and a further demonstration of bearish control could push FIL to $65.80.
Buying pressure struggled to revive itself, however. The Relative Strength Index was well below the midline. The Chaikin Money Flow was also under the half-line, despite noting an uptick. The MACD observed red histograms which highlighted bearish price action.
In case of a price reversal, AAVE would need to topple the $74.98 mark to be able to retest the $82.26 resistance level.
Where to Invest?
Subscribe to our newsletter