Litecoin, Aave, Dogecoin Price Analysis: 09 July


The global crypto-market lost 2.29% of its capitalization in 24 hours, with volatility emerging as the norm. Bitcoin too depreciated by 1.29% and continued to trade below the $35,000 resistance level at press time.

Several altcoins too followed a similar pattern as LTC and DOGE opened to bearish and volatile markets with rising sell-offs. AAVE’s northbound surge too was interrupted by the latest dip, despite the announcement of its new pro platform.

Litecoin [LTC]

Source: LTC/USD, TradingView

A 2.27% 24-hour decline in Litecoin’s price could be seen at press time, while the alt lost 4.9% of its value over the past week. LTC fell through its $130 support yesterday after trading within its price channel for a few weeks. However, the alt did make slight recoveries on the 4-hour chart, trading at $131.3 at the time of writing.

The divergence of the Bollinger Bands suggested that steep price action in the asset’s market could be expected as it was turning volatile.

After it hovered near the median line for a few days, overpowering sell-offs pushed the Relative Strength Index (RSI) below. Although a tiny uptick was observed at press time, the indicator remained in highly bearish territory. Further selling pressure could send it to the oversold zone going forward.

Bearish momentum has been dominating the alt’s price chart since 7 July. However, the appearance of a green bar below the Awesome Oscillator’s histogram could mean that bullish momentum was creeping in once more. LTC looked unlikely to hike above the $149.8 ceiling anytime soon, while it traded near the $130 support level.

Aave [AAVE]

Source: AAVE/USD, TradingView

Aave has been on a remarkable recovery since June end, surging by 96% between 26 June and 6 July, before reaching the $346-resistance mark. The DeFi token then embarked on a southbound trajectory, dropping by 15% and breaching the $305-support level, a level that was acting as resistance at press time.

Aave too noted high market volatility as the Bollinger Bands on its chart moved divergently. Although capital inflows still exceeded outflows, the downward movement of the Chaikin Money Flow did indicate a shift in sentiment. The MACD registered a bearish crossover on 7 July, post which the indicator and signal lines started to move south with dominant bearish momentum visible on the histogram of the indicator.

If the bearish trend continues, it could find support at the $253-mark. The DeFi platform recently announced that its new platform for institutional investors called Aave Pro will be launched this month.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

DOGE exited its price channel on 7 July, dropping below the $0.221 support and trading at $0.201 at the time of writing. It was down 71.6% from its May ATH of $0.731, with a breakeven multiple of 3.61.

The Parabolic SAR’s dotted line mostly hovered above the candlesticks on the 4-hour chart over the past few weeks, along with brief shifts, as the coin’s price movement followed a mainly bearish trend.

Selling pressure largely dominated the meme-coin’s market in July as the Relative Strength Index (RSI) remained below the median line. However, the indicator moved into the oversold region yesterday and could be slated for price consolidation or a reversal in the future.

Dominant bearish momentum on the altcoin’s chart was also evident with growing red bars below the Awesome Oscillator’s histogram. With the $0.221 support now acting as resistance, the asset could find further support at $0.162 if it freefalls to its early June levels.



Read Full Article

Latest articles

Related articles

Leave a reply

Please enter your comment!
Please enter your name here