Aave, Binance Coin, Monero Worth Evaluation: June sixth – AMBCrypto Information
Bears seemed to be in control of the cryptocurrency market once again as Bitcoin struggled with selling pressures. Alts like Aave, BNB and XMR traded in the red, watching certain areas of support on each of their respective charts.
A bullish twin peak setup Great oscillator generally indicates an incoming wave of buying pressure, but such patterns have previously been weakened, particularly since Aave’s move was tied to the broader market. Aave shares a strong correlation with Ethereum, which in turn shares a strong correlation with Bitcoin. With BTC failing to hold at key levels since the May 19 crash, AAVE has been turned down between $ 400 and $ 420 on two occasions and sellers have been driving prices.
MACD also neared a bearish crossover and support levels at $ 282 and $ 209 would be in focus if it collapsed from $ 350.
Binance coin [BNB]
Binance Coin passed its first major resistance point between $ 350 and $ 380 in late May – a development that culminated in a small rally to as much as $ 430. It is impressive that the BNB has managed to maintain its level over the past few days. While EMA tapes formed a defensive zone between $ 426 and $ 480, the contraction of the bands indicated sideways movement.
MACD Line held above the signal line but its histogram showed a weakening of the bullish momentum. The loss of support at press time would highlight the next channel between $ 350 and $ 300. While its near-term performance looked bleak, the BNB has made bullish strides over the past week. Its meteoric rise in recent months has been compared to Apple and Amazon – something discussed in a recent article.
Depending on the width of Bollinger bands, there was some volatility in the Monero market. With the candlesticks moving below the signal line after trading in the upper band, the XMR could move towards the lower band around $ 233-234. in addition, Squeeze momentum indicator showed diminishing bullish momentum as the length of the green bars decreased.
Unless the losses are curbed at $ 233, a prolonged sell-off to the $ 200 mark was in sight, but volatility should pick up for such a sharp spike.
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