AAVE Leads Altcoin Gainers Over Weekend
Over the weekend, while the cryptocurrency market remained stable, certain digital currencies experienced significant increases in value. These altcoins have emerged as the top gainers in terms of performance.
The price of AAVE has been falling under a descending resistance line since June 2022. This line has been validated multiple times, most recently in July 2023. As a result, an ongoing breakout was invalidated, leading to a long upper wick. The price then dropped to the $50 horizontal support area, which has been in place for the same duration as the descending resistance line.
The combination of the resistance line and the $50 area has formed a descending triangle pattern, which is considered bearish. Consequently, the most likely future movement for AAVE is a breakdown from this triangle. However, there is also a possibility of continued consolidation within the support and resistance levels before any movement outside of this range occurs.
BAKE Price Attempts Breakout From Resistance
Since June 6, BAKE has been trading above the $0.085 horizontal support area. Recently, on August 6, it bounced off this support area, creating a higher low and initiating an upward movement. Currently, BAKE is attempting to break out from a descending resistance line that has been in place since February. However, it has not yet closed above this line and is still trading within the $0.120 horizontal area.
If BAKE successfully breaks out from this resistance line, it could experience a 25% increase and reach the next resistance level at $0.155. On the other hand, if it fails to do so, a 25% drop to the $0.085 horizontal area is likely.
BNB Price Creates Double Bottom Pattern
Between August 21 and September 10, BNB formed a double bottom pattern, which is considered bullish and often leads to trend reversals. Additionally, this pattern was accompanied by a bullish divergence in the RSI, indicating a potential increase in momentum despite a decrease in price.
If BNB experiences an upward movement following this pattern, it could see a 17% increase and reach the next resistance level at $255. However, if the upward movement fails to materialize, a 12% drop to $190 is expected.
Hot Take: Altcoins Show Promising Signs of Growth
Despite the overall stability of the cryptocurrency market over the weekend, certain altcoins have demonstrated significant potential for growth. AAVE, BAKE, and BNB have all shown patterns and indicators that suggest possible increases in value.
AAVE remains within a bearish pattern but could see an eventual breakout or continued consolidation. BAKE is attempting to break out from resistance and has the potential for a significant increase if successful. Meanwhile, BNB has formed a bullish double bottom pattern with positive divergence in the RSI, indicating a possible trend reversal.
Overall, these altcoins are worth keeping an eye on as they continue to show promising signs of growth.
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