Liquidity Flows into These Altcoins-ALGO and AAVE Prices Prepare for a Strong Bullish Action
The post Liquidity Flows into These Altcoins-ALGO and AAVE Prices Prepare for a Strong Bullish Action appeared first on Coinpedia Fintech News
The bullish expectations for Bitcoin seem to have shaken a bit as the price is struggling to keep up above $95,000 after experiencing bearish waves during the weekend. While altcoins were expected to follow the trend and some popular ones are doing so, cryptos like Algorand (ALGO) and Aave (AAVE) have stood apart. The growing interest in these tokens suggests that a liquidity flow from Bitcoin to altcoins has begun, which may continue for some time.
Algorand (ALGO) Preparing for a 40% Upswing
Algorand attracted huge bullish attention soon after its breakout in the first few days of November, which raised the price by over 470%. Currently, the price is facing some pullback, primarily due to less participation of bulls. However, this period is expected to fade off soon as the technicals have flashed massive bullish signals, suggesting a bullish close for the year.
As seen in the above chart, the ALGO price faced a 35% correction followed by a decent rise in the price. Although the volume has entered the restrictive range, it may not ascertain the rise in the dominance of bears. The MACD suggests a drop in selling pressure while the DMI is heading towards a bullish crossover. Hence the price is stuck below 0.5 FIB and is expected to breach the levels and reclaim the yearly highs, probably before the year-end.
AAVE Price May Reach $500 if These Levels are Secured in 2024
The AAVE price triggered a consolidated ascending trend since the start of the second half of the year that revived the possibility of reaching $500. Meanwhile, a couple of pullbacks hindered the progress of the rally but eventually, the latest rebound revived the upper targets. Therefore, the price is now believed to maintain a consolidated ascending trend for the rest of 2024 and secure the important resistance required to start 2025 on a bullish note.
The AAVE price has broken above the rising parallel channel followed by a pullback. However, the token has revamped a strong rebound and is about to test the resistance of the channel, flashing bullish signals. Besides, DMI failed to validate a bearish crossover while the levels flipped completely and a strong bullish divergence in RSI suggests a continuation of a bullish trend. Therefore, it is now important for the token to secure an important resistance at $420.03 that may lead the price to $500 in the first few days of 2025.
