The crypto marketplace recorded decent recoveries within the last 72 hours as the 20 Simple Moving Average on the 4hr chart rallied beyond the 50 Simple Moving Average. As a result, Tezos and Polkadot noted bullish setups on their respective charts. On the other side, AAVE appeared to consolidate in an upward channel while printing a bearish flag. Meanwhile, Aave and DOT still struggle to accumulate trend-altering volumes.
The January 21 sell-off saw Polkadot losing the $29.9 to $23.11 range, oscillating sideways for almost seven weeks. Bears took overs since then, flipping the 5-month support at $23.11 to resistance. The alt token rushed to hit a 25-week low on January 24, following a 38.34% drop from January 20. DOT created an ascending triangle on the 4hr chart as bulls exerted more pressure within the last few days.
While publishing this blog, the altcoin traded at $18.92. The Relative Strength Index stayed at 55 levels. The indicator witnessed an almost 39-point jump to cross the midline. That was after testing the oversold territory. Moreover, the Chaikin Money Flow recovered beyond the midline and flashed a bullish trend. Nevertheless, the OBV still failed to overcome its closest resistance.
XTZ bears dominated since the alt broke from its upward channel on January 7. That way, it breached the 5-month resistance at $3.8. XTZ recorded a 51.6% drop since January 5 to hit a 6-month low during January 24 sessions.
XTZ displayed an ascending triangle within the past few days. Then, the alt’s patterned breakout met resistance at $3.48. Now, bears have a testing point at $3.2. While publishing this content, XTZ exchanged hands at $3.38.
The Relative Strength Index witnessed a sharp surge within an upside channel following a drop to record lows on January 22. With that, the indicator hit the overbought zone on January 30 before a brief fall. Moreover, the DMI flashed a bullish trend as the ADX showed a weak directional bias for the coin.
Sellers dominated after bulls failed to reclaim the resistance at $202, translating to an upward channel breakdown. AAVE dropped more than 45% since January 16, hitting a yearly low on January 24. The upward channel’s midline stands as the bulls’ testing point. Moreover, $159 still acts as a massive barrier for bulls.
While publishing this article, AAVE traded near $154.29. The Relative Strength Index witnessed a steady recovery following a breakout from a descending wedge on January 24. Moreover, the Volume Oscillator highlighted weak signals amid lower highs and a fall beneath equilibrium.