Solana, Axie Infinity, Aave Price Analysis: 31 January


As Bitcoin fell under its 4-hour 20-SMA, Solana marked an expected bearish pennant breakdown. Axie Infinity still struggled to topple the $54-mark while its OBV depicted a bearish bias. Furthermore, AAVE also witnessed a bearish pattern after recovering from the $139-mark. All the aforestated cryptos revealed a weak RSI as the bears kept the ‘fear’ sentiment intact.

Solana (SOL)

Track live crypto price of 10000+ coins!


Source: TradingView, SOL/USD

After losing the $167-mark, the bears kept exerting pressure while testing the $132-mark resistance (previous support). The recent sell-off propelled SOL to lose 43.7%of its value (from 21 January) and march toward its five-month low on 24 January.

Over the past few hours, SOL witnessed an expected bearish pennant breakdown on its 4-hour chart. Further retracements from here would find support at the $83.71-mark.

At press time, the altcoin traded at $90.2975. After plunging to its record low, the RSI upturned by 37 points from the oversold territory. But reversed from the 56-mark. With the recent price fall, it also lost the 43-level. Also, the +DI and -DI lines undertook a bearish crossover, the ADX stood weak. This reading entailed a weak directional trend for the altcoin.

Axie Infinity (AXS)

Source: TradingView, AXS/USD

Since striking its ATH on 6 November, AXS has steadily declined and lost multiple resistance levels over the past month. The alt lost more than half of its value (since 5 January) as it rushed south to touch its five-month low on 24 January.

Related:  DOGE, SAND, and GALA Price Analysis: 22 May

Then, as the bearish vigor prevailed, AXS lost its long-term 61.8% Fibonacci support after the 21 January sell-off. Since then, it saw a side-channel while ensuring the $45.1-mark.

At press time, AXS was at $50.96. The RSI transposed its down-channel into an ascending channel as it reversed from the 64-mark. Any fall below the midline would be detrimental to the recovery phase. Further, the OBV rather saw a steady fall, hinting at increasing bear influence.

AAVE

Source: TradingView, AAVE/USD

After its up-channel (white) breakdown, bulls lost their edge and even failed to defend the $202-level resistance (previous support). The alt lost over 45.95% (from 16 January) of its value until it poked its year-long low on 24 January.

Since recovering from the $139-level, AAVE formed a bearish flag on its 4-hour chart. The midline of the up-channel (green) still stood as an immediate testing point for bulls.

At press time, AAVE was trading at $145.46. The RSI could not sustain itself above the midline, as it plunged to test the 39-mark after displaying a bearish bias. Also, the MACD lines failed to cross the equilibrium, reiterating the momentum in favor of sellers.


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link