Weekend Surge: AAVE, BNB, and BAKE Prices Soar in Altcoin Rally
Crypto News – AAVE, BNB, and BakeryToken (BAKE) all experienced notable surges in value over the recent weekend in the cryptocurrency market. AAVE remains within a bearish pattern, BAKE is striving to surpass a long-standing horizontal resistance, while BNB has demonstrated a bullish pattern.
Despite overall market stability, specific digital currencies exhibited remarkable performance, earning them recognition as the leading gainers among altcoins for the weekend.
AAVE Emerges as the Top Altcoin Gainer During the Weekend
The price of AAVE has been following a descending resistance line since late June 2022, with multiple confirmations, the latest being in July 2023 (indicated by the red icon). This resulted in a prolonged upper wick, invalidating the ongoing breakout.
Subsequently, the AAVE price declined to the $50 horizontal support region, which has held firm alongside the descending resistance line.
The interplay between the resistance line and the $50 region has formed a descending triangle, a bearish pattern indicating a probable future breakdown from the triangle.
However, there’s potential for the price to consolidate within the support and resistance levels before a definitive movement beyond these boundaries.
An upward move toward the resistance line at $70 would signify a 17% increase, while a dip to the $50 support area would reflect a 16% decrease.
BAKE Price Nears Breakout From Resistance
BAKE’s price has been trading above the $0.085 horizontal support area since June 6. More recently, the price rebounded at this support area on August 6, establishing a higher low and kickstarting an upward trajectory.
Presently, BAKE is in the process of breaking out from a descending resistance line in place since February. However, a confirmed close above this line is pending, and the price is still within the $0.120 horizontal range.
A successful breakout could lead to a 25% surge, propelling the price to the next resistance level at $0.155. Conversely, a failure to do so might result in a 25% drop back to the $0.085 horizontal zone.
BNB Price Forms a Double Bottom Pattern
Between August 21 and September 10, BNB’s price formed a double bottom pattern. This pattern is typically indicative of a bullish trend reversal.
Moreover, this pattern coincided with a bullish divergence in the RSI. A bullish divergence occurs when momentum increases while prices decrease. It’s a positive indicator often associated with substantial increases, aligning with the double bottom pattern.
If an upward movement ensues, a 17% increase is anticipated, targeting the next resistance at $255. Conversely, if the upward momentum fails to materialize, a 12% drop to $190 is the likely future price outlook.
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