Bitcoin price expectations appear to have been shaken somewhat as the price struggles to hold above $95,000 after enduring bearish waves over the weekend. While altcoins were expected to follow this trend, and some popular ones are doing so, cryptocurrencies such as Algorand $ALGO
and Aave $AAVE
The growing interest in these tokens indicates that a liquidity flow from Bitcoin to altcoins has begun, which may continue for some time.
Algorand (ALGO) Prepares for 40% Growth
Algorand has been garnering a lot of attention since its breakout in the early days of November, which sent the price up by over 470%. The price is currently facing some pullback, mainly due to less bullish participation. However, this period is expected to shorten soon as technical indicators are signaling significant positive signals, indicating an optimistic approach to the year.
As seen in the chart above, ALGO price faced a 35% correction, after which the price rose. Although the volume entered the restrictive range, it may not provide an increase in bear dominance. MACD suggests decreasing selling pressure, while DMI is heading for an increase. Thus, the price is stuck below the 0.5 FIB and should break out of the levels and resume the yearly highs, probably by the end of the year.
AAVE price could reach $500 if these levels are met in 2024
The AAVE price has been in a consolidated uptrend since the beginning of the second half of the year, which has revived the possibility of reaching $500. In the meantime, some pullbacks have hindered the development of the rally, but eventually the latest rebound has restored the growth targets. Thus, the price is now considered to maintain the consolidated uptrend until the end of 2024 and provide the important resistance needed to start 2025 on an optimistic note.
The AAVE price broke above the ascending parallel channel, followed by a pullback. However, the token has resumed a strong rebound and is about to test the channel resistance, flashing bullish signals. In addition, the DMI failed to confirm a bearish crossover, while the levels have completely reversed, and the strong bullish divergence in the RSI indicates a continuation of the bullish trend. Thus, it is now important for the token to gain serious resistance at the level of $420.03, which could push the price to $500 by early 2025.