As the cryptocurrency market hit the $ 2.3T mark, altcoins like Chainlink and Uniswap failed to maintain their multi-month resistance levels. These cryptocurrencies experienced a rapid decline after a rising wedge breakout.
On the other hand, AAVE marked a descending wedge while showing mixed signals.
Chain link (LINK)
LINK witnessed a ascending wedge rupture on December 9, when the price rebounded from the golden 61.8% Fibonacci resistance. As a result, price action moved into a descending channel (yellow) after noticing a 17.61% drop in the past six days.
This fall pushed the price paction below its four month endurance at the $ 19.2 mark. Over the past five days, the bulls retested the 38.2% Fibonacci resistance three times, but failed to gain an advantage. LINK continued its steady decline after hitting its six-month high on November 10.
At press time, LINK was trading at $ 18.62 after noticing a nearly 3.9% gain in 24 hours. The RSI It swung below the midline, hinting at a bearish preference, but seemed to be heading towards the midline.
The MACD The lines were projecting the short-term bullish momentum, but their lines were still unable to cross the zero level. He too DMI it preferred bears while showing a slight increase in bullish power. Currently, immediate resistance was near the upper channel at the $ 19.2 mark.
The bulls lost their lead after the price hit its two-month high on November 10. As a result, the alt noticed a 38.9% drop on its monthly chart and disapproval of its long-term uptrend line.
UNI accelerated its month-long decline after an expected ascending wedge rupture December 8th. This decline formed a descending channel on its 4-hour chart and led the bears to break out of the Five-month bullish resistance at the $ 15.33 mark. At press time, the alt was trading at $ 15.03 after noticing a nearly 4% gain in 24 hours.
Although the RSI saw a 15 point rise in the final day, continued to show resistance at the midline. He too DMI It slightly preferred bears as the + DI line struggled to stay above the -DI line for more than a week. However the TO THE it projected the bullish momentum of the last 24 hours heading towards the zero line.
Since November 9, the alt has been steadily retreating and oscillating in a descending (white) channel. After forming a double bottom in late November, price action saw a channel breakout, but immediately saw a sharp pullback. AAVE experienced a monstrous drop of 46.9% in 30 days and hit its all-time low on December 13 at $ 157.29.
Now, for the past nine days, AAVE scored a falling wedge (reversal) pattern on your 4-hour chart. At press time, AAVE was trading at $ 168.35 after noticing a 2.9% gain in 24 hours.
The RSI showed promising signs of revival in the past 24 hours. He too MACD The histogram crossed the zero line and suggested increasing purchasing power. However the DMI it continued to show a bearish bias in the short term.
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Chainlink, Uniswap, Aave Price Analysis – Dec 15