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Litecoin pared its losses between $300 and $330, but the spotlight would most likely stay in this range. To escape a breakdown from a falling triangle, IOTA bulls had to defend the $1.63-support. Finally, a green candle indicates that the market’s bulls are expected to maintain hold of AAVE in the near term.
Large-cap alts, like Litecoin, received a boost after Ethereum regained the $4,000 mark. Litecoin has returned to the green region, growing by more than 2% in the last 24 hours. The region between $300 and $330 resisted a prolonged sell-off, but the next few days will shed more light on this area’s resilience. In the event of a wider market decline, it seemed likely that the market’s bears would breach this region. Which will highlight the next defensive zone, which will be between $266.3 and $243.3. This region also intersected with the 50-SMA (yellow).
A bearish convergence in the MACD also indicated price weakness in the industry. The Awesome Oscillator’s red bars agreed with the MACD as bulls were yet to take control.
The bottom trendline of IOTA, at $1.63, marked a critical support region. A breach of this defensive line could result in a sharper sell-off towards $1.28 or even the 200-SMA (now shown) close to $1.01. A bullish result, on the other hand, needed the upper trendline to be breached.
Since late February, the On Balance Volume has generally remained in an upward direction, indicating stable consumer purchasing pressure. If investors wish to take profits after a period of continuous investment, IOTA is expected to fall below its long-term simple moving average. In the event of a bearish decline, the purchasing momentum could help IOTA.
According to the Chaikin Money Flow, capital inflows have been on the up over the past few days.
Aave’s daily timeframe observed an intriguing creation. A doji candlestick formed after two consecutive bullish candlesticks, indicating an impending pullback. However, the crypto-asset registered a sequence of green candlesticks on the 4-hour timeframe, indicating that purchasing activity has increased in the last 24 hours.
If today’s close produces a bull candle, sellers will most likely maintain dominance of the market in the short term. This, though, will be subject to wider business cues. If Ethereum consolidates over $4000, AAVE will most likely trade in a range between $537 and $483.
Green bars on the Awesome Oscillator indicated the the traction was with the buyers. The AO’s movement would need to be supported by high quantities in order to result in a price increase. The RSI was above 60, indicating additional strength.