Bullish expectations for Bitcoin appear to have been shaken somewhat as the price is struggling to hold above $95,000 after experiencing bearish waves over the weekend. While altcoins were expected to follow suit and some popular ones are doing so, cryptos like Algorand (ALGO) and Aave (AAVE) have stood out. The growing interest in these tokens suggests that a flow of liquidity from Bitcoin to altcoins has begun, which could continue for some time.
Algorand (ALGO) Gearing Up for a 40% Surge
Algorand attracted huge bullish attention soon after its breakout in the early days of November, which drove the price up by over 470%. Currently, the price is facing some pullback, mainly due to lesser bull participation. However, this period is expected to fade away soon as technical indicators have signaled huge bullish signals, suggesting a bullish close for the year.
As seen in the above chart, ALGO price faced a 35% correction followed by a good rally in price. Although the volume has entered the restrictive range, it may not ensure the increase in bear dominance. The MACD suggests a decrease in selling pressure, while the DMI is heading for a bullish crossover. Therefore, the price is stuck below 0.5 FIB and is likely to break the levels and regain the yearly highs, probably before the end of the year.
AAVE price could reach $500 if these levels are secured by 2024
AAVE price has been on a consolidated uptrend since the beginning of the second half of the year, which revived the possibility of reaching $500. Meanwhile, a few pullbacks hampered the progress of the rally, but eventually, the latest bounce revived the upper targets. Therefore, the price is now believed to maintain a consolidated uptrend for the rest of 2024 and secure the important resistance needed to start 2025 on a bullish note.
AAVE price broke above the ascending parallel channel followed by a pullback. However, the token has revived a strong bounce and is about to test the channel resistance, flashing bullish signals. Furthermore, the DMI failed to validate a bearish crossover, while the levels have completely turned around and a strong bullish divergence on the RSI suggests the continuation of a bullish trend. Therefore, it is now important for the token to secure a key resistance at $420.03 that could take the price to $500 in the early days of 2025.
