Altcoins like AAVE and DOGE have fallen significantly in the past 24 hours. AAVE lost 3.4% of its value and moved away from its immediate support zone of $ 375.40. Dogecoin was traded slightly below its weekly high after falling 2.7%.
Polkadot, on the other hand, recorded gains of 3.9% and reached its multi-month high.
The DOT was up 3.9% in the past 24 hours to trade at $ 32.99. The mentioned price level was also a multi-month high for the altcoin. The overhead resistance was $ 33.37 and then $ 34.77. Polkadot has maintained a steady uptrend since Aug. 30, recovering nearly 40%.
The technicians showed mixed signals. The Relative Strength Index was above 60 in the bullish area. Conversely, the green histograms of the MACD declined and a red histogram was visible, indicating a bearish price movement. Awesome Oscillator corresponds to flashing red signal bars.
A correction in price could cause DOT to trade near $ 28.94 and then to $ 25.22.
In a recent development, Cream Finance, a DeFi project, will soon roll out loan and credit services on Moonbean. It is a smart contract that operates on the Polkadot platform.
AAVE was down 3.4% in the past 24 hours and was valued at $ 404.83. A sustained downtrend could pull the altcoin to $ 375.40 and then to $ 338.25. The altcoin was last traded near this price level almost a month ago.
Purchasing power picked up when the Relative Strength Index saw an upward trend and hit around 60. Chaikin Money Flow was also responsible for larger capital inflows.
Red histograms were visible on the MACD. What is noteworthy, however, is that they had declined in recent trading sessions.
A reversal in price action would mean that AAVE would attempt to hit the $ 414.15 price level again and overturn what it could retest its multi-month high of $ 441.27.
AAVE was recently mentioned as one of the leading Ethereum DeFi projects related to Celo for People Collaboration.
DOGE is down 2.7% since yesterday, bringing the price down to $ 0.299. The price level at the time of going to press was a few notches below its weekly high of $ 0.308. A fall from its current level would push DOGE towards the $ 0.273 support line and then to the $ 0.240 level. DOGE was last traded at $ 0.240 almost four weeks ago.
Parameters projected upward trend in the market. Purchasing power increased and the Relative Strength Index approached the 60 mark. Chaikin Money Flow also stayed above the half-line indicating positive capital inflows.
Bollinger Bands opened, indicating an increase in market volatility in the next trading sessions.
A positive correction would cause DOGE to try to retest $ 0.314 and then hit its multi-month high of $ 0.347 again.
The latest update to Dogecoin includes the fractional ownership of the meme coin. Doge Meme Non-fungible Token (NFT) owners can now fractionate ownership in the form of $ DOG tokens.