Sentiments have been weak across the board. Tezos, Aave, and Dogecoin – All of these altcoins faced the brunt of the selling pressure in the cryptocurrency market. However, coins like Tezos were still hopeful and a small rally could trigger a further rise in prices.
Whereas in the case of Dogecoin, prices were trading below most sustainable support levels, and a recovery to their recent highs seemed difficult.
The XTZ / USD currency pair rallied for a month and a half before briefly correcting, to $ 5 levels. However, a cup and handle pattern was forming on the charts, indicated by the white line. A small rally above the $ 7- $ 8 regions could result in another rally.
$ 8 would serve as a region of strong resistance for Tezos and if that is successfully broken then the coin could go much further. The support level was around $ 2.
In general, the indicators suggested weakness in the charts, reaching support levels. the Relative Strength Index At the time of this writing it was at the 42 mark, and it hadn’t hit oversold territory, but it didn’t mean optimism either. MACD it also suffered a bearish crossover, but was still in positive territory, above the zero line.
Prices were also broken down below the 20-day moving average (green). So overall the signs look bearish, but any small rally could trigger a short hedge and result in a nice bullish price move.
The AAVE / USD currency pair was facing the heat of extreme selling pressure, forming lower highs and a lower bottom pattern, as indicated by the blue channel on the charts. This is a very bearish pattern and unless prices break above the $ 400 level and stay above it, any further increases could be a distant dream.
It should be noted that this coin is currently trading near the lower end of the channel, and any breakdown below this level would generate further selling pressure in the market. The next immediate support level would be $ 200 as indicated by the yellow line.
The indicators for AAVE also turned quite bearish. the Relative Strength Index it hit the 36 mark on the daily time frame. MACD The indicator also broke below the zero line after suffering a bearish crossover. The AAVE / USD currency pair was also trading below the 20-day moving average (green) which further confirmed the downtrend.
Dogecoin, one of the most hyped cryptocurrencies on the market, was also under heavy selling pressure. As Musk adopted a new pet, Floki, he sent Shiba Inu through the roof and left Dogecoin behind, in the dust. It had recovered until mid-August, but since then it has not shown any strength.
DOGE broke below the support level of the descending triangle pattern (yellow lines), and this suggested an extreme downtrend for the immediate short term. So the short-term trend for this altcoin looked quite bleak with the closest support below current levels around $ 0.18.
the Relative Strength Index It was at 33, almost in oversold territory and this suggested strong currency weakness in the foreseeable short term. the MACD The indicator turned convincingly bearish for the last 8-9 consecutive days.
DOGE / USD prices were also trading below the 20-day moving average (green) and it would take a major positive development to push this currency pair beyond its recent high and regain some of its bullish past.
This is a machine translation of our English version.