May 17, 2022

Ethereum, Dogecoin, Aave Price Analysis: Jan 26

As the Bitcoin Greed and Fear Index saw an increase of 11 points, the crypto market entered a green zone in the last 24 hours. Ether saw a gain of almost 4% in 24 hours which helped it cross the 20-SMA barrier.

After Elon’s tweet, Dogecoin jumped up to reclaim the $0.145 mark. Furthermore, the 4-hour RSI on Aave saw a patterned breakout but was still unable to cross the midline. However, to have a sustainable rally, the bulls still had to muster enough volumes.

Ether (ETH)

Source: TradingView, ETH/USD

As fearful sentiment in the market continued to rise, sellers accelerated their influence and caused a drop on January 21st. As a result, they quickly broke through the $3000 mark and flipped it to resistance. ETH posted a 33.84% loss (from the Jan 20 high) and hit its six-month low on Jan 24.

The recent breakout of the falling wedge (yellow) was stopped at the $2,550 mark (immediate resistance). Since then, ETH bulls tested the 20-high school (cyan) twice during the last day and finally got over it.

At press time, ETH was trading at $2,498.8. After the general liquidation, the RSI saw an impressive resurgence of 32 points from its 22-month low (on January 22). Therefore, it found a close above the crucial 44 mark. But to confirm the buying momentum, it needed to close above the midline. Too, MACDThe histogram found a close above balance. This reading hinted at the diminishing influence of the bear.

Dogecoin (DOGE)

Source: TradingView, DOGE/USD

DOGE achieved an exceptional ROI of 55.94% (from the low of Jan 10) and reached its monthly high on Jan 14. Since then, sellers have stepped in at $0.1919. As a result, the altcoin saw a 41.18% retracement and hit its nine-month low on Jan. 22.

As the bulls defended the $0.1262 level, DOGE saw a gain of over 15% (from the Jan 22 low) and reclaimed the support at $0.1456. Now, the immediate resistance was at the upper trend line of the ascending channel (yellow).

At press time, DOGE was trading at $0.1466 after noting an 8.49% gain in 24 hours. The RSI eventually jumped above the 42-point level, followed by breakeven. This trajectory implied an upward bias. However the CMF it had yet to find a close above the zero line while showing weak signals.


AAVEUSD 2022 01 26 11 40 39

Source: TradingView, AAVE/USD

The alt saw a falling wedge (green) after hitting its six-week high on Dec. 28. The subsequent breakout resulted in an ascending channel (white). Since then, the sellers took over as the bulls lost their advantage after the breakout of the ascending channel.

AAVE lost more than 45.95% (as of January 16) of its value until it hit its yearly low on January 24. Now, the $159 mark was posing as a solid hurdle for the bulls.

At press time, AAVE was trading at $153,628. The RSI saw a descending broadening wedge breakout that showed a strong recovery. However, the AAVE volume oscillator showed weak signs after sinking below the midline.

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Ethereum, Dogecoin, Aave Price Analysis: Jan 26