Polkadot, Binance Coin, Aave Price Analysis: December 19
Polkadot saw an expected drop from the 20-SMA level as he continued to flash bearish technical indications. The AAVE experienced an uptrend and managed to form a reversal pattern over a 4 hour period. Additionally, Binance Coin has shown mixed signs after forming a bearish flag.
DOT bears over-retraced their previous bullish run in an ascending (white) channel as the token lost its previous 16-week support at $ 26. Alt was down more than 54% since its ATH on November 4.
The digital currency has refrained from halting its aggressive decline as bears struggle to test the $ 24.31 support for the fourth time in 15 days. So the Supertendence hesitated mainly in the red zone. As mentioned earlier, buyers retested the 20-SMA (blue) and saw a slight pullback. Also OBV marked highs and lows and confirmed the decline in purchasing power.
At time of printing, the alt was trading at $ 25. the RSI was heading south and showing no signs of waking up. In addition, the DMI reaffirmed the bearish strength, but the ADX displayed a weak directional trend for the token.
Binance Coin (BNB)
Over the past few days, BNB has formed a bearish flag as the bulls tried to retest the $ 532.8 mark. The price action price rebounded from the lower channel (yellow) but saw resistance to the 50-SMY (green).
However, a green candlestick on December 19th broke through the above bar and displayed increased bullish pressure.
The bulls have secured the $ 505 mark for seven weeks now. At time of printing, BNB was trading at $ 538.6. the RSI stood at the 54 mark after favoring the bulls but formed a bearish (green) divergence with price action. the AO experienced an uptrend after forming bullish twin peaks below equilibrium.
After forming a double bottom at the end of November, price action saw a breakout of the channel but immediately fell sharply. The AAVE saw a monstrous 30-day drop of 46.9% and hit its all-time low on December 13 at $ 157.29.
As mentioned in the previous article, the AAVE experienced an expected bearish wedge breakout on December 15th. Now the alt has still scored a inversion pattern by forming an ascending bevel on its graph in 4 hour data.
At time of printing, AAVE was trading at $ 185.09 after noting a 3.2% 24-hour loss. the RSI experienced a steep drop but managed to score higher lows. As well, DMI showed a slight bullish bias in the short term.