Bears seemed to be in control of the cryptocurrency market once again as Bitcoin tussled with selling pressure. Alts such as Aave, BNB and XMR traded in the red and eyed certain support areas on each of their respective charts.
Aave [AAVE]
Source: AAVE/USD, TradingView
A bullish twin peak setup on Awesome Oscillator generally indicates an incoming wave of buying pressure, but such patterns have been invalidated before and more so since Aave’s movement was tied to the broader market. Aave shares a strong correlation with Ethereum, which, in turn, shares a strong correlation with Bitcoin. With BTC failing to hold on to key levels since the 19 May crash, AAVE has been rejected between $400-420 on two occasions and sellers have driven prices.
MACD also inched closer to a bearish crossover and support marks at $282 and $209 would be in focus in case of a breakdown from $350.
Binance Coin [BNB]
Source: BNB/USD, TradingView
Binance Coin cleared its first major resistance point between $350-380 during end-May- a development that culminated into a minor rally up to $430. Impressively, BNB managed to maintain its level over the past few days. While EMA Ribbons formed a defensive zone between $426 and $480, contracted nature of the bands hinted at some sideways movement.
MACD line maintained above the Signal line, but its histogram noted weakening bullish momentum. Losing out on its press-time support would highlight the next channel between $350-300. Even though its short-term trajectory looked bleak, BNB has been making bullish progress over the past week. Its meteoric rise over the past few months has been compared to the likes of Apple and Amazon- something that was discussed in a recent article.
Monero [XMR]
Source: XMR/USD, TradingView
According to the width of Bollinger Bands, there was some volatility in the Monero market. Since the candlesticks moved below the Signal line after trading on the upper band, XMR could be headed towards the lower band around $233-234. Moreover, Squeeze Momentum Indicator showed weakening bullish momentum as the green bars declined in length.
If losses are not contained at $233, an extended sell-off was on the cards till the $200-mark but volatility would need to pick up for such a sharp price swing.