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The crypto market has been consolidating, especially among altcoins with lower market capitalisation. Sideways movement has been noted in altcoins such as Aave, Monero, and Elrond, but this has curiously transformed into bullish and bearish outlooks for various coins.
At the start of the year, the Aave industry witnessed a wave of consolidation. This was followed by an uptrend in valuation, and when the value dropped to $331.97, the bullishness stopped. The bears have already taken charge as the market balances over $330.
The low volatility moved the signal line above the price bars, while the 50-day moving average was still above the candlesticks. This bearishness was triggered by the accelerated sell-off, as demonstrated by the Relative strength index, which had fallen to the oversold region but was now attempting to retain its equilibrium level.
Despite our efforts, the AAVE market was turning bearish, and the price might fall at this stage.
Within a short period of time, the Elrond market has risen from a value in the low double digits to the high triple digits. This steady growth has resulted in low uncertainty, which has aided the coin’s market valuation.
The bullish market was still at a stable price range, but the CMF was slipping below zero. This indicated that capital was pouring out of the economy, implying that bearishness was on the way.
The RSI, on the other hand, showed that the traders were matching the buying and selling pressures at press time.
The Monero market has been indicating a sharp rise in price as it breached the $193-level. The price has remained above this point since February but as it consolidates further, the trend was visibly changing and was siding with the bears. The 50 moving average has turned into crucial support for the digital asset.
The RSI was noting that the buyers were trying to keep building a higher price as it was moving away from equilibrium with a value of 57. However, a bullish swing was difficult as the market lacked the momentum as highlighted by the Awesome Oscillator, which may drop into the negative zone.