The crypto market remained stable throughout the weekend. Despite this, some altcoins have seen significant increases in value. As a result, they earned recognition as the weekend’s leading altcoin winners in terms of performance. Crypto analyst Valdrin Tahiri evaluates the route these cryptocurrencies will follow from now on.
AAVE led weekend altcoin gainers
cryptokoin.comAs you follow from , it performed well over the weekend. The altcoin price has fallen below a descending resistance line since the end of June 2022. The line has been verified multiple times, most recently in July 2023 (red icon). This created a long upper wick, invalidating the follow-on breakout. Subsequently, AAVE price fell to the $50 horizontal support area, which has been in place for as long as the descending resistance line.
The resistance line and the $50 area formed a descending triangle, which is considered a bearish formation. Therefore, the most likely future move for the altcoin is an eventual breakout from the triangle. However, it is possible that the price will continue to consolidate between the support area and the resistance line before an eventual move outside its boundaries. An upward move towards the resistance line at $70 would result in a 17% increase in AAVE price. However, a decline towards the $50 support zone would result in a 16% decline.
BAKE price attempts to break through resistance
Bakery Token (BAKE) price has been trading above the $0.085 horizontal support area since June 6. More recently, the price bounced around the support area on August 6. Thus, it formed a higher low and started an upward move. Currently, BAKE is in the process of breaking out of the descending resistance line that has been in place since February.
However, it is yet to reach a close above and it is still trading inside the $0.120 sideways area. If the altcoin price breaks this level, a 25% increase is possible. Thus, it is likely to reach the next resistance at $0.155. However, if it fails to do so, a 25% decline to the $0.085 sideways area is likely.
This altcoin price is forming a double bottom formation
BNB price formed a double bottom formation between August 21 and September 10. A double bottom is considered an uptrend. So it usually leads to a reversal of the uptrend. Additionally, this pattern combined with a bullish divergence in the RSI. A bullish divergence occurs when a price decline is accompanied by an increase in momentum. This is a bullish sign that usually leads to significant increases and is compatible with a double bottom pattern.
If an upward move occurs, it is possible for the altcoin price to rise 17% to reach the next resistance at $255. However, if the upward move does not materialize, a 12% decline is possible. This will mean that it will drop to $190.
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