The crypto market has consolidated, especially when you examine the alts with smaller market caps. Altcoins like the Aave, Monero, and Elrond have seen sideways movements. Interestingly, however, this has translated into bullish and bearish outlooks for various coins.
Aave [AAVE]
Source: AAVEUSD on TradingView
The Aave market had seen a phase of consolidation at the beginning of the year. This period was followed by an uptrend in price, and when the value fell below $ 331.97 and the uptrend came to an end. With the price over $ 330, the bears have already taken over.
The low volatility drew the signal line above the price bars, while the moving average of 50 also hovered above the candlesticks. This bear market was due to the increasing sell-off and was underscored by the relative strength index, which has fallen into the oversold zone but has now tried to stay in the equilibrium zone.
Despite the best efforts, the AAVE market turned bearish and we were able to stumble the price at that point.
currency [XMR]
Source: XMRUSD on TradingView
The Monero market is pointing to a sharp rise in prices as it topped the $ 193 level. The price has stayed above this point since February, but as it continued to consolidate the trend visibly changed and sided with the bears. The 50 moving average has become a crucial support for the digital asset.
The RSI found that buyers were trying to build a higher price as it drifted off equilibrium at 57. A bullish swing was difficult, however, as the market lacked the momentum highlighted by the Awesome Oscillator to fall into the negative zone.
Elrond [EGLD]
Source: EGLDUSD on TradingView
The Elrond market grows from a double-digit valuation to a three-digit value within a very short period of time. This constant growth over time has maintained low volatility, which has improved the value of the coin in the market.
For now, the bullish market has been at a stable price level, but the CMF has dropped below zero. This highlighted that money was flowing out of the market and a bear market may creep in.
However, the RSI indicated that buying and selling pressures were balanced by traders at press time.
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