Altcoin
DeFi Tokens At Crucial Support
Cryptocurrency Market News Live Updates Latest News: The Crypto market continued to face bear wrath and dropped even some of the major cryptocurrencies to their crucial support zone. Tomorrow, the investor will keep a close eye on the release of the Consumer Price Index for September, which will significantly influence the market’s near future.
The Bitcoin price currently trades at $19303, with an intraday gain of 0.19%, whereas the smart contract giant Ethereum trades at $1297 and shows a 1.36% gain.
Buying opportunities arise in DeFi tokens.
Pancakeswap(CAKE):
The CAKE/USDT token has been strictly following a support trendline over the past four months. This ascending trendline assisted traders in maintaining a steady uptrend despite bearish market sentiment.
The CAKE price currently trades at $4.49 and shows an intraday loss of 0.4%. Amid the recent sell-off in the crypto market, altcoin retested the combined support of a rising trendline and $4.5. A post-correction rally should bolster coin buyers to surpass $5 marl.
Tezos(XTZ)
The XTZ/USDT pair actively responds to a bullish continuation pattern called a falling wedge. The coin prices currently trade at $1.35 and retest the bottom support line of the pattern.
Today, the XTZ price rebounded from this support showcasing a 0.7% jump. Thus, with sustained buying, the altcoin should surpass the overhead resistance. As per technical set-up, this development should lead prices to the $1.95-$2 mark.
Aave(AAVE)
Under the influence of a falling wedge pattern, the AAVE price plunged to weekly support of $71.6. However, the very nature of this pattern triggers a direction rally upon the breakout of its resistance trendline.
The AAVE price currently trades at $71.6 and projects a 0.28% gain. However, a possible reversal from the $71.6 support should allow buyers to break the overhead trendline for a further bullish rally.
Anyhow, a daily candle closing below will prolong the ongoing correction.
Uniswap(UNI)
The UNI/USDT pair currently exchange hands at $6.1, registering a 1.67% jump. The altcoin is gradually closing to the combined support of $5.7 and 0.618 Fibonacci retracement level. Moreover, the ongoing downfall with decreasing volume suggests a high possibility of price reversal.
A potential bounce back from this support should hint at the end of the correction fall and resume prior recovery. This development will allow buyers to rechallenge the $7 barrier.
On a contrary note, losing the aforementioned support will threaten a breakdown below the $5.2 mark.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
