Aave experienced a clean collapse below $360 and bounced off the $300 mark. Finally, VeChain forecasted industry relative strength. XRP momentarily ascended above a supply area and flipped it to demand, only to be moved lower again.
On AAVE’s 4-hour maps, a descending triangle was visible (orange). It broke under the pattern’s floor and retested the $344-mark as opposition, a Fibonacci retracement level from a previous jump to $582.
It also noticed a rebound from the $300-region, but all technical indicators pointed to seller domination. In recent weeks, the OBV has been on a slow downward slope, with slight bounces in between southbound moves indicating a lack of buyers.
The Chaikin Money Balance was also less than -0.05, indicating nett capital outflows from AAVE markets. At press time, a return to $300 and a move below that level seemed imminent.
Even if it has lost 16 percent of its worth in the last 24 hours, it can be argued that VET is in a stronger spot than Bitcoin and even the rest of the altcoin sector. VET has been trending higher towards BTC over the last month. Even as Bitcoin dropped about the $54k mark in recent days in the wake of the Options expiry at the end of Q1 2021, VET kept on to the $0.08 mark with vigour.
It tended to form a rectangle pattern, indicating a range at the peak of an uptrend. Breaking down under the range lows might cause VET to move further south, but there was a wide range of technical support.
The market lows of $0.08 should be used to buy aggressive long positions with a close stop-loss at $0.0785, with a jump to the mid-range of $0.087 anticipated. These, though, will be scalps. Momentum was on the bulls’ side, and long positions should be tried after a break over $0.095 to validate bullish strength.
XRP has been traded in a descending channel (cyan) since mid-February, with the same reversing in recent weeks to see a jump to $0.58. In reality, it seemed that the alt had flipped the $0.52-$0.528 area from supply to demand.
Recent selling pressure caused XRP to fall below this zone, finding support around the $0.49 area before rebounding to trade at $0.51 at the time of writing. The RSI remained below 50, indicating that a bearish pattern was in effect.
A retest of the $0.52 region as supply and another step south are likely in the near future.
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