Aave v3 launch triggers 50% rally from long-term descending channel pattern
AAVE price broke from its long-term downtrend after the launch of Aave v3 added support for six different blockchain networks in the DeFi space. The decentralized finance (DeFi) market has been undergoing a period of maturation over the past year and many of last year's fast risers have faded into obscurity but this does not mean the formerly "famous" protocols have not continued to build.One blue-chip project that is regaining momentum is Aave (AAVE), a non-custodial liquidity protocol that allows users to lend, borrow or stake their assets to earn yield from their holdings. Data from....
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Bitcoin price is slowly making its way down, moving inside a descending channel on its short-term time frames. Bitcoin Price Key Highlights. Bitcoin price seems to have broken below the descending triangle pattern illustrated in an earlier article. Price is establishing short-term downside momentum from here, creating a descending channel visible on the 1-hour chart. Price just bounced off the channel support and could be due for a test of resistance at $930. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to the upside.....
Potcoin Price Key Highlights. Potcoin price has been steadily trending lower, moving inside a descending channel pattern on the 1-hour time frame. Price is testing the latest lows and might be due for a move down to the channel support at 0.00000220BTC or lower. Potcoin price could carry on with its ongoing selloff, as technical indicators also confirm that further losses are likely. Bounce Off Channel Support? Potcoin price might still be able to take a break from its dive if the bottom of the descending channel holds as short-term support. In that case, price could head back up to the....
Dash Price Key Highlights. Dash price broke down Intraday and cleared a triangle pattern as highlighted in yesterday's analysis. There is a descending channel formed on the hourly chart, which can be seen as a bullish breakout pattern. Dash price has managed to settle above the 100 hourly MA, which is a bullish sign in the near term. Dash price looks like setting up for more upsides moving ahead, as there are many things favoring buyers as of writing. Channel Break? Yesterday, we highlighted a triangle pattern on the hourly chart, which was breached by sellers towards the downside.....
Investors watch trading volume and other momentum indicators alongside descending channel patterns to better gauge when to open and close trades. Buying an asset in a downtrend can be a risky maneuver because most investors struggle to spot reversals and as the trend deepens traders take on deep losses. In instances like these, being able to spot descending channel patterns can help traders avoid buying in a bearish trend.A “descending channel,” also known as a “bearish price channel” is formed by drawing two downward trendlines, parallel to each other, which confine the price action of....
Neucoin Price Key Highlights. Neucoin's price is trending lower, moving inside a descending channel connecting the latest highs and lows of price action. The price is currently testing the top of the channel pattern and could resume its drop if the resistance holds. Potential Reversal? The shorter-term 5 SMA is below the longer-term 20 SMA, which suggests that the path of least resistance is to the downside and that the selloff is set to carry on. The stochastic oscillator is on the move down from the middle ground, which means that sellers are in control of price action. The moving....