Altcoin TA: AAVE and WAVES

Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.

AAVE daily candle chart, 3/19/22.

AAVE has had a fairly strong breakout over the last week. It’s very likely that with ETH and BTC’s movement throughout the week, larger-cap altcoins are also having their price action influenced.

It had been consolidating strongly within its current pattern since before the new year. The MACD has swung upwards significantly, but it looks like it could be preparing to trend downward. The MFI is testing overbought territory as well, which could mean that we may see it swing downward at some point.

The overall cryptocurrency market is currently just below $1.9 trillion with a volume of $82 billion. BTC dominance is at 42.1% and ETH dominance is at 18.6%.

WAVES daily candle chart, 3/19/22.

WAVES has had a fairly significant showing over the last month. The MFI has been hovering in overbought territory as the MACD’s EMA lines have had a significant showing over the last month as well. The MACD’s momentum waves have swung down, but look like they could be preparing to swing upwards once more.

This is especially impressive considering the volatility that the broader cryptocurrency industry has experienced lately.