The cryptocurrency market jumped into the green zone within the past 24hrs as BTC Fear & Index experienced an 11-point uptick. Ethereum crossed the 20-Simple Moving Average barrier following an almost 4% surge within the past day.
Elon’s tweet saw Dogecoin climbing to reclaim $0.145. Moreover, AAVE’s four-hour Relative Strength Index witnessed a patterned breakout but failed to cross the midline. Nevertheless, bulls should collect adequate volumes for a sustained rally.
As fear dominated the crypto industry, sellers magnified their influence, causing a massive decline on January 21. That way, Ethereum swiftly violated the $3,000 barrier, authorizing the level as resistance.
Ethereum suffered a 33.84% loss from the January 20 peak (closest resistance). Since then, bulls tested the 20-Simple Moving Average (cyan) twice within the previous day and finally overcame it.
While publishing this content, Ether traded at $2,498.8. Meanwhile, the Relative Strength Index noted a remarkable 32-point revival from the 22-month low on January 22. That way, the indicator secured a close beyond the critical 44-level.
However, it required a decisive move beyond the half-line to authorize buying strength. Moreover, the Moving Average Convergence Divergence’s histogram secured stability beyond the equilibrium, hinting at decreased bearish influence.
Dogecoin recorded a remarkable 55.94% ROI from January 10 low, hitting a month-long peak on January 12. Sellers joined near $0.1919 after that, resulting in a 41.18% drop towards a 9-month low on January 22.
Meanwhile, bulls defended $0.1262, triggering a more than 15% increase since the January 22 low, reclaiming the support at $0.1456. The closest resistance stands at the upward channel’s top trend-line.
While publishing this analysis, the meme coin traded around $0.1466, following an 8.49% increase within the past day. Meanwhile, the RSI flashed bullish bias with a jump past 42. Nevertheless, the Chaikin Money Flow displayed weak signs.
Aave witnessed a declining wedge after touching a 6-week peak on December 28. However, the consequent breakout led to an upward channel. Meanwhile, AAVE lost more than 45.95% since January 16, poking a year-long bottom on January 24. For now, $159 stands as a massive obstacle for bulls.
At this publication, AAVE traded around $153.628. The Relative Strength index witnessed a plunging wedge breakout, displaying recovery. However, the Volume Oscillator flashed weak signals after dropping beneath the half-line.