FTX Token, EOS, AAVE Price Analysis: 19 May
Post the market-wide plummet, the altcoin market has been struggling to keep up with the rejection of higher prices. As a result, AAVE saw an anticipated bearish rising wedge breakout from its EMA ribbons.
Similarly, FTX Token and EOS broke out of their pennants to display a near-term bearish edge. To flip the existent fear sentiment, the bulls still needed to break the low volatility compression phase by injecting heightened buying volumes.
Source: TradingView, FTT/USD
The determined bearish efforts over the last 50 days have transpired into a rush of sell-offs. After a staggering 50.73% selling spree from its April highs, FTT took a solid plunge toward its nine-month low on 12 May.
With the $28-baseline offering some chances for the bulls to recoup, the bullish resurgence in a pennant halted at the two-month trendline support and turned into resistance. After an expected bearish breakout, 20 EMA (red) refrained from undertaking a bullish crossover with the 50 EMA (cyan).
At press time, FTT traded at $30.12, down by 4.07% in the last 24 hours. After escaping from the bounds of its squeeze phase, the RSI dropped to exhibit a slight bearish edge. With the 36-mark supporting the recent fall, the bulls still needed to find a spot above the equilibrium to propel a strong rally on the chart.
Source: TradingView, EOS/USDT
Similar to FTT, EOS marked a similar trajectory on its chart. The altcoin saw a decline of about 61% (from its April highs) to see itself gravitating toward its multi-yearly low on 12 May. While the $1.2-mark propelled a strong rejection of lower prices, EOS marked a bearish pennant on the four-hour timeframe. As the three-week trendline resistance posed an expected obstruction, the alt fell back toward the lower
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