The overall cryptocurrency market is signaling a recovery by switching to its own volatility mode. Ethereum and Aave altcoins are up over 6% on their daily charts, while Shiba Inu is down 8.5% in the last 24 hours, contrary to the mood in the general cryptocurrency market.
Analyst Yash Majithia evaluated Ethereum, AAVE and Shiba Inu coins.
Ethereum price dropped to its lowest level in a month on November 26. As a result, according to the analyst, the altcoin regressed by forming a symmetrical triangle (yellow) formation after an uptrend. Despite this, the bulls have managed to maintain their support at $3,976 for the past month. Therefore, ETH price moved within an ascending wedge formation and hit a two-week high on December 1st.
According to the analyst, the RSI indicator was in the overbought zone and showed signs of slowdown. According to the analyst, a trend reversal may occur. Additionally, according to the analyst, the DMI indicator appeared in favor of the bullish. According to the analyst, the fact that the RSI value is in the overbought region poses a danger, while the bulls need to maintain their momentum in order to exceed the nearest resistance point of $ 4,770.
Shiba Inu (SHIB)
SHIB price has lost 8.5% in the last 24 hours. According to the analyst, a V-shaped top (green) formed with this decline and indicated a transformation in the trend. In the past day, the RSI indicator has dropped 26 points from the overbought zone. Moreover, the analyst pointed to the bearish sentiment on the AO and MACD indicators. According to the analyst, altcoin bulls need to protect the support at $0.0000445 in order to prevent a trend reversal.
The AAVE price lost a third of its value from November 9, and on November 28, the altcoin dropped to a four-month low. Despite this, AAVE price has risen 7.17% in the last 24 hours and was trading at $265.09 at the time of this writing.
According to the analyst, this rise provided an exit from the descending channel. Therefore, the analyst thinks that the short-term technical indicators of the altcoin are in favor of the bull. According to the analyst, the RSI indicator was at the level of 63 and showed signs of slowing down. However, although the MACD indicator seems to be in favor of the bull, a decrease in the strength of the bull was observed. The analyst thinks that the bears may face resistance near $272.