While the crypto market valuation touched $2.3 trillion, alternative coins such as Uniswap and Chainlink failed to overcome their month-long resistance zones. The coins witnessed a swift fall after climbing wedge breakout. Meanwhile, AAVE printed a falling wedge as its flashes mixed signals.
LINK saw a climbing wedge breakout on December 9 as the alt bounced from the 61.8% FIB resistance. That translated to a downward channel following a 17.6% fall within the last six days. The downward move pushed Chainlink under its 4-month barrier around the $19.2 level. Meanwhile, bulls have retested 38.2% FIB resistance three times over the last five days but failed. The altcoin extended its steady drop after touching its 6-month peak on November 10.
While writing this content, LINK hovered at $18.62, following a 3.9% increase over the last 24 hours. The Relative Strength Index fluctuated under the midline, confirming bearish favoritism while nearing the midline.
The MACD cast the short-term bullish move, but the lines failed to cross the 0 (zero) level. Moreover, the DMI flashed bears’ preference while depicting an increase in bullish strength. The closest resistance stands around the upper channel near $19.2.
Bulls lost strength after UNI touched a 2-month peak on November 10. With that, the alt saw a 38.8% drop on the monthly chart, disapproving a long-term bullish trend-line. Uniswap accelerated its downward move after breaking a rising wedge on December 8. The decline resulted in a descending channel on the 4hr chart as bears breached a 5-month bullish resistance at $15.33. While publishing this news, UNI trades at $15.03 following a 4% increase in a day.
Though the Relative Strength Index noted a 15 point increase yesterday, it still shows resistance around the midline. Moreover, the DMI briefly backed bears as +DI battled to stay beyond the –DI for more than one week. However, the Awesome Oscillator projected the recent bullish push as it headed to the zero line.
AAVE has pulled out steadily since November 9 and hovered in a downward channel. After the late November double bottom, the token broke out of a price channel but encountered an immediate pullback. AAVE suffered a whopping 47% monthly plunge, poking its lowest level on December 13 near $157.3.
While writing this analysis, Aave trades at 4168.35 following a 2.9% surge in the past 24 hours. The RSI depicted impressive revival signals as the MACD indicated increased buying momentum. Nevertheless, the DMI till flashes bearish gestures in the short term.
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