DOGE and AAVE Altcoin Analysis for October 26, 2023
Maintaining its position securely above the $34,000 mark, Bitcoin has seen a notable decrease in volatility over the past several days. Given these conditions, we turn our focus to providing a market overview of the altcoins Dogecoin (DOGE) and Aave (AAVE) as of Thursday, October 26.
Dogecoin (DOGE)
Currently, Dogecoin is experiencing a downtrend on a larger scale. However, it has demonstrated positive momentum in light of Bitcoin's recent price appreciation. As of now, DOGE is hovering around the resistance level of $0.0728, a point it has already tested twice today.
Continuing its upward trajectory is a priority for Dogecoin. Beyond the current resistance, sellers have positioned their orders within a zone ranging from $0.0757 to $0.0778, as well as at the $0.0793 level. These points stand as the immediate targets for buyers amidst this trend.
A correction in Bitcoin’s chart is likely to have a parallel effect on the DOGE price. In such a scenario, the asset could potentially test the support zone that ranges from $0.0694 to $0.0704, drop to the $0.068 level, or enter into the price range of $0.0647 to $0.0664. The reaction of buyers to these specific zones will be highly dependent on the unfolding situation surrounding Bitcoin.
DOGE chart on the M15 timeframe
Aave (AAVE)
Since October 19, the AAVE price has surged by 46%, marking it as one of the best performers among the Top 100 altcoins by market capitalization. The asset has nearly reached its annual high of $95.58.
Currently, Aave is caught in a sideways channel, fluctuating between the support level at $81.38 and the resistance level at $90.70. Both buyers and sellers are struggling to dominate, making trading within this range a logical outcome. Concurrently, the continuation of the upward trend remains a priority as long as a similar pattern is maintained on the Bitcoin chart.
If AAVE continues on its upward path, the immediate targets for buyers would be the yearly high of $95.58 and the “psychological level” of $100. In case of a corrective move, the coin might test the buyer's level at $79.76, the support zones at $74.33-$77.73, and $68.9-$71.9. AAVE is expected to maintain its positive momentum as long as Bitcoin trades above the $30,000 mark.
AAVE chart on the M30 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
