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Liquidity Flows into These Altcoins-ALGO and AAVE Prices Prepare for a Strong Bullish Action
As Bitcoin (BTC) remains stuck in a narrow range, the altcoin market is witnessing a dramatic shift. While some popular altcoins have followed the trend of consolidation below their respective resistance levels, others like Algorand (ALGO) and Aave (AAVE) are defying this trend by showcasing remarkable strength.
The prices of these altcoins have been consistently rising over the past few days, indicating that the liquidity flow is now favoring them. This sudden shift in sentiment could be a harbinger of strong bullish action in the near future.
Algorand’s Bullish Signals
One of the most significant developments has taken place with Algorand (ALGO). After displaying an impressive 470% surge soon after its breakout in early November, it is now facing some minor pullback primarily due to less participation from bulls. However, this correction seems destined to fade away soon as the technicals have flashed massive bullish signals.
The MACD has witnessed a drop in selling pressure, while the DMI is poised for a bullish crossover. This combination suggests that Algorand’s price will likely breach the yearly highs, possibly before the end of the year.
Aave: A Potential 40% Upsurge Ahead?
As for Aave (AAVE), it has not only broken above its rising parallel channel but also staged a strong rebound after a minor pullback. The token is now on the cusp of testing the resistance at $420.03, which could be the catalyst that drives the price towards the coveted $500 mark in early 2025.
The DMI failed to validate a bearish crossover, and the levels have flipped completely. Furthermore, a strong bullish divergence has been detected in the RSI (Relative Strength Index), indicating that the market is poised for further growth.
Conclusion
In conclusion, it appears as though liquidity flow has suddenly shifted towards Algorand (ALGO) and Aave (AAVE). As these altcoins continue to defy expectations by rising steadily, we may be on the cusp of a strong bullish action in the near future.
Source: coinpedia.org
