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Altcoins like AAVE and DOGE have plummeted in value during the previous 24 hours. AAVE fell 3.4 percent, moving away from its immediate support zone of $375.40. Dogecoin was priced slightly below its one-week high after sliding by 2.7 percent.
Polkadot, on the other hand, increased by 3.9 percent and returned to a multi-month high.
DOT gained 3.9 percent in the previous 24 hours and was trading at $32.99. The aforementioned price level was also the altcoin’s multi-month high. The overhead resistance was $33.37, followed by $34.77. Polkadot has been on an upward trend since the 30th of August, recovering over 40%.
The technicals showed conflicting signals. The Relative Strength Index was above 60, indicating a bullish trend. In contrast, the MACD’s green histograms receded and a red histogram appeared, indicating bearish price activity. The Awesome Oscillator was accompanied by flashing red signal bars.
A price correction might cause DOT to trade near $28.94 and then to $25.22.
In what is a recent development, Cream Finance, a DeFi project, will soon introduce borrowing and lending services on Moonbean. It happens to be a smart contract operating on the Polkadot platform.
AAVE has lost 3.4 percent in the last 24 hours and was trading at $404.83. A persistent slump could push the altcoin to $375.40, then to $338.25. The altcoin last traded near this level over a month ago.
The Relative Strength Index increased and now stands around 60, indicating that buying strength has returned. Greater capital inflows were also accounted for by Chaikin Money Flow.
Red histograms were evident on the MACD. It is worth noting, however, that they have declined in recent trading sessions.
A price reversal would result in AAVE attempting to retest the $414.15 price level, after which it might retest its multi-month high of $441.27.
AAVE was recently mentioned as one of the leading Ethereum DeFi Projects joining with Celo for People Collaboration.
DOGE has declined by 2.7% since yesterday, bringing the price down to $0.299. The press time price level stood a few notches below its weekly high price of $0.308. A dip from its level now would push DOGE towards the $0.273 support line and then to $0.240. DOGE last traded at $0.240 level almost four weeks back.
The market’s parameters predicted bullishness. Buying strength increased, and the Relative Strength Index hit 60. Chaikin Money Flow also maintained above the half-line, indicating that capital inflows were positive.
Bollinger Bands widened, indicating an increase in market volatility during the next few trading sessions.
A positive correction would force DOGE to retest $0.314 before returning to its multi-month high of $0.347.
The latest Dogecoin update incorporates the joke coin’s fractional ownership. Doge meme non-fungible token (NFT) owners can now fractionalise ownership in the form of $DOG tokens.