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The altcoin market is once again on a downward spiral, with the price of most cryptocurrencies dropping, at the time of writing, painting a bearish view of the overall crypto market.
And if the price of Bitcoin had not yet reversed, there was a rise in bearish pressure on the altcoin sector.
Sales pressure was introduced on the AAVE market when the price collapsed due to the growing trend. When the valuation of the digital commodity reached $420, it reversed and went down.
The RSI showed that the rising price moved AAVE into the over-purchased category, however, as the sellers were unable to sustain this pace, the price fell. The sellers have now entered the market, and the RSI was back in the over-purchased zone.
Whereas, the MACD predictor indicates that the AAVE sector was still bullish as the MACD line stood above the signal line. However, the measure was inching closer to the reversal of the pattern.
The Connection market has highlighted that the price has risen above the resistance and is currently holding on to the aid at $28.13. However, the burden on sales has been rising and the price could be in violation of this aid and lower.
This selling momentum has given way to more bearishness on the market. The Bollinger Bands noted a steady increase in uncertainty, whilst the signal line was above the price bars. The 50 moving average, while below, was serving as a boost for the falling market.
However, the relative strength index highlighted the sudden u-turn the measure took when the stock reached $29 and the sellers started to sell.
The DASH market even painted a portrait of the bear, in press time. The index has started to slip down on the price chart, hitting a resistance of $215.98. The current price is $211.96.
The digital commodity is going for $207 funding as the sellers march in. This selling pressure was mirrored in the relative strength index reflecting a sharp downtrend as the asset hits the over-purchased zone.
The coin will continue its downtrend until the buyers on the market decide to take care of it.