Cryptocurrency Market News Live Updates Latest News: The Crypto market continued to face the bear’s wrath and even dropped some of the major cryptocurrencies in their crucial support zone. Tomorrow, the investor will be watching closely the release of the consumer price index for September, which will significantly affect the near future of the market.
Bitcoin price is currently trading at $19033, with an intraday gain of 0.19%, while smart contract giant Ethereum is trading at $1297, showing a gain of 1.36%.
Buying opportunities arise in DeFi tokens.
Pancake Swap (CAKE):
The CAKE/USDT token has strictly followed a support trendline for the past four months. This rising trendline has helped traders maintain a steady uptrend despite bearish market sentiment.
CAKE price is currently trading at $4.49 and showing an intraday loss of 0.4%. Amid the recent crypto market sell-off, altcoin retested the combined support of a rising trendline and $4.5. A rally after correction should encourage coin buyers to cross more than $5 marl.
The XTZ/USDT pair is actively responding to a bullish continuation pattern called a falling wedge. Coin prices are currently trading at $1.35 and are retesting the pattern’s lower support line.
Today, XTZ price recovered from this support with a 0.7% jump. So, with continued buying, the altcoin should surpass the overhead resistance. According to the technical setup, this development should lead prices to the $1.95-$2 range.
Under the influence of a falling wedge pattern, AAVE price fell to a weekly support of $71.6. However, the nature of this pattern causes a directional rally as it breaks the resistance trendline.
The AAVE price is currently trading at $71.6 and it expects a gain of 0.28%. However, a possible reversal of the $71.6 support should allow buyers to break the overlying trendline for a further bullish rally.
Either way, a daily close of a candle below will extend the ongoing correction.
Uni swap (UNI)
The UNI/USDT pair is currently trading at $6.1 and registering a 1.67% jump. The altcoin is gradually closing at the combined $5.7 support and 0.618 Fibonacci retracement level. In addition, the continued decline with diminishing volume suggests a high probability of a price reversal.
A possible recovery from this support should signal the end of the correction decline and the previous recovery should resume. This development will allow buyers to challenge the $7 barrier again.
Rather, losing the aforementioned support threatens a collapse below $5.2.
I have been working in journalism for the past 5 years. I follow the Blockchain & Cryptocurrency of the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. contact me at brian (at) coingape.com
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
This post DeFi Tokens at Critical Support
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