Crypto analyst Valdrin Tahiri says that the ADA price is facing the threat of selling. Analyst David notes that AAVE is giving a bearish signal. Meanwhile, according to analysts, the situation is bad for the leading altcoin. Another analyst, Kelvin Munene, is waiting for a correction for the FET. Finally, analyst Danielle du Toit states that APE will lose an important support level.
This altcoin is under the threat of selling!
The weekly timeframe technical analysis for ADA provides a bearish outlook. The main reason for this is the divergence above the long-term $0.40 resistance area followed by a decline below it. This is a bearish sign as it means the breakout is illegitimate. Rather, sellers took over and drove the price down.
ADA Weekly Chart / Source: TradingViewAlso, the weekly Relative Strength Index (RSI) is trending bearish. Currently the indicator is below 50 and falling. This is also a sign of a bearish trend. Technical analysis on the shorter daily timeframe aligns with the readings on the weekly timeframe. Thus, it provides a bearish ADA price forecast.
Currently, ADA has bounced off the ascending support line, which has been in place for 152 days. However, he has touched the line four times so far. Every time he touches the lines he gets weaker. Thus, an eventual break seems likely. Breakouts from such long-term structures often lead to significant bearish moves. A daily close below the line will be required to confirm the breakdown. It is possible that this will happen in the next 24 hours. In this case, a drop to the $0.30 horizontal support area is likely.
ADA Daily Chart / Source: TradingViewDespite this bearish ADA price prediction, the continued bounce could continue towards the $0.41 resistance area. If the price closes above this, the bearish prediction will be invalid. In this case, it will likely start a sharp increase to $0.50. However, a rejection from the zone will mean that the trend is still bearish.
Aave price is showing a bearish signal, is it selling?
As you follow on Kriptokoin.com, AAVE reached the highest level of the year with $ 95 on February 19th. However, it has been in decline since then. During this period, the price bounced off the 0.618 Fibonacci retracement level three times (green arrows). But each bounce created a lower peak. Later, AAVE broke below this support level. Thus, it confirmed as resistance on May 29 (red arrow). This move is important. Because the 0.618 Fibonacci retracement level is usually the point at which a retracement ends. Going below this level can lead to 100% retracement.
The daily RSI indicator drops below the 50 level. Also, it slopes downward. This indicates a downward trend. Therefore, the price of AAVE may continue to decline towards the $51 support level, where the upward move started earlier this year.
AAVE daily chart / Source TradingViewThe most likely outlook shows that AAVE price will break the current short-term pattern and continue to decline. The potential target for this downside move is $51. This perspective is invalidated if the price retraces the 0.618 Fibonacci retracement level at $68.
Leading altcoin price is sending bearish signals!
While the Ethereum (ETH) market is grappling with various challenges, recent data reveals a significant decline in the holdings of major investors. The altcoin casts doubt on its short-term prospects. According to blockchain analytics, the number of Ethereum addresses holding 1,000 or more coins has dropped to a 10-month low of 6,268. This decline reflects the previous low observed, albeit slightly higher, at 6,270 in November 2022. The downward trajectory of whale holdings, often indicative of a bearish trend, suggests that large-scale investors are losing faith in Ethereum’s near-future outlook.
The altcoin is currently trading at around $1,870. This brings it closer to the 50-day Exponential Moving Average (EMA), a technical level that could serve as a potential consolidation point. However, the declining trading volume indicates that interest among traders has waned. Also, this potentially affects the price stability of Ethereum.
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Oversold market for FET signals correction
The bullish momentum experienced in the Fetch.ai (FET) market today peaked as the price jumped from a 24-hour low of $0.2619 to a 7-day high of $0.2888. During the uptrend, FET’s market cap and 24-hour trading volume were up 2.24% and 172.92%, respectively, to $220,889,816 and $89,326,433. If the bulls break the $0.2888 resistance level, the next potential barrier level will be $0.3111. However, if the bears take control and send the market below the $0.2619 support level, the next support level is likely around $0.2396.
FET 24-hour price chart / Source: CoinMarketCapAs a result, the FET’s bullish momentum is showing signs of weakening. This points to a potential price correction and the need for cautious decision-making.
It is possible for APE to lose significant support level
The price of ApeCoin suffered a 24-hour loss. This brought the altcoin price down to $3.12 at press time. In addition, the recent drop in crypto price has brought the APE down to a key support level, which could be disastrous if it breaks in the next 2 days.
APE 1-day chart / Source: TradingViewTechnically, the altcoin price has been on a downward trend since the end of January this year. Since then, the altcoin has plummeted from $6,418 to its press time price. Moreover, APE’s daily chart shows that it is still in a bearish price channel. It is possible that this will push the altcoin’s price even further in the next few days. If the price of APE closes below the aforementioned $3,082 mark, it will be at risk of falling to the next support level at $2,758 in the next 24-48 hours. On the other hand, altocin price closing above this level today and tomorrow will lead APE to rise above $3,374 soon.
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