Price charts indicate that Ethereum and Bitcoin revived their consolidations. However, some altcoins maintained southward movements. For instance, FIL, AAVE, and XTZ experienced significant depreciation.
XTZ dropped to trade near the immediate support area at $4.49. If the alt market maintains an ugly outlook, AAVE might dip beneath $338.25, retesting the $290.96 price levels. Finally, Filecoin (FIL) dropped by 3% to trade below the support level at $74.98.
Tezos (XTZ)
The past 24 hours have witnessed Tezos losing 2.5% to trade near $4.55. The alternative coin hovered near the immediate support area at $4.49. IF XTZ sustains its downward trends, it will fall towards the support level at $3.91. Keep in mind that indicators suggest bearishness building up.
The MACD printed a bearish cross and printed upcoming red histograms. Also, the Awesome Oscillator supports the current outlook by observing red sign bars. Meanwhile, the Bollinger Bands expands to suggest a probable volatility increase.
For the asset to cancel the bearish attitude, Tezos requires enough momentum to trade over $4.49. With extended efforts, XTZ will move to retest the resistance at $5.08.
AAVE
AAVE traded near $352.8 after dropping by 3.5%. The asset’s price actions saw it moving towards the nearest support zone of $338.25. If the coin plunges to trade beneath this support, it might drop towards the price floor at $290.96. Technical parameters printed negative actions.
The MACD depicted red histograms suggesting market bearishness. The market indicated sellers’ dominance as the RSI appears to drop towards the oversold region. The Bollinger Bands seems to diverge, translating to low market volatility. To rally high, AAVE has to overpower $375.4 – $414.2 obstacles to retest the price ceiling at $441.3.
Filecoin (FIL)
Filecoin (FIL) trades nears $72.3 after declining 3%. The crypto trades below the support at $74.98. Meanwhile, increased bearish momentum will push the asset to the $65.8 price level. Remember, Filecoin battled to revive its buying pressure.
The Relative Strength Index remained beneath the midline. Also, the Chaikin Money Flow hovered blow the half-line despite registering upticks. The MACD prints a red histogram, suggesting bearishness in the making. For now, AAVE has to overpower the $74.98 price levels to accumulate the required momentum to conquer the resistance at $82.26.
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