Cryptocurrency Market News Live Updates Oct 12th: DeFi Tokens At Crucial Support
Cryptocurrency Market News Live Updates Latest News: The Crypto market continued to face bear wrath and dropped even some of the major cryptocurrencies to their crucial support zone. Tomorrow, the investor will keep a close eye on the release of the Consumer Price Index for September, which will significantly influence the market’s near future.
The Bitcoin price currently trades at $19303, with an intraday gain of 0.19%, whereas the smart contract giant Ethereum trades at $1297 and shows a 1.36% gain.
Buying opportunities arise in DeFi tokens.
Pancakeswap(CAKE):
The CAKE/USDT token has been strictly following a support trendline over the past four months. This ascending trendline assisted traders in maintaining a steady uptrend despite bearish market sentiment.
The CAKE price currently trades at $4.49 and shows an intraday loss of 0.4%. Amid the recent sell-off in the crypto market, altcoin retested the combined support of a rising trendline and $4.5. A post-correction rally should bolster coin buyers to surpass $5 mark.
Tezos(XTZ)
The XTZ/USDT pair actively responds to a bullish continuation pattern called a falling wedge. The coin prices currently trade at $1.35 and retest the bottom support line of the pattern.
Today, the XTZ price rebounded from this support showcasing a 0.7% jump. Thus, with sustained buying, the altcoin should surpass the overhead resistance. As per technical set-up, this development should lead prices to the $1.95-$2 mark.
Aave(AAVE)
Under the influence of a falling wedge pattern, the AAVE price plunged to weekly support of $71.6. However, the very nature of this pattern triggers a direction rally upon the breakout of its resistance trendline.
The AAVE price currently trades at $71.6 and projects a 0.28% gain. However, a possible reversal from the $71.6 support should allow buyers to break the overhead trendline for a further bullish rally.
Anyhow, a daily candle closing below will prolong the ongoing correction.
Uniswap(UNI)
The UNI/USDT pair currently exchange hands at $6.1, registering a 1.67% jump. The altcoin is gradually closing to the combined support of $5.7 and 0.618 Fibonacci retracement level. Moreover, the ongoing downfall with decreasing volume suggests a high possibility of price reversal.
A potential bounce back from this support should hint at the end of the correction fall and resume prior recovery. This development will allow buyers to rechallenge the $7 barrier.
On a contrary note, losing the aforementioned support will threaten a breakdown below the $5.2 mark.
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