Altcoins Soar Over 100% in Weeks: AAVE, FET, INJ Price Analysis – More Gains Ahead?

The next stage of the bull market is here, and some altcoins have already posted impressive gains. Could there be a lot more to come? $AAVE, $FET, and $INJ are analysed.

$AAVE faces bearish divergence

Source: TradingView

$AAVE has had a very productive time since early April with a 134% rise to date. This compares very favourably with the likes of the top altcoins over the same period such as $ETH (89%), $SOL (81%), and $XRP (42%). 

The $AAVE price is now above the important $260 horizontal support level, which is a plus for the bulls. However, the price has so far failed to break through the descending trendline. Also, there is bearish divergence on all shorter timeframes up to the daily. Could be time for a bit of a reversal here. $243 is the next horizontal support should $260 not hold.

$FET at key resistance

Source: TradingView

$FET also looks like it might be faltering as it runs into resistance. This horizontal resistance (blue line) is very much key. Breaking through this can help the bulls lift the price back to the descending trendline, and a potential future trend break. Notwithstanding, the Stochastic RSI indicators for the weekly time frame are signalling an overbought state, and therefore a reversal from here is probably favourite. $0.71 is the next good level of horizontal support on the way down.

Strong rally for $INJ - now facing potential rejection

Source: TradingView

A 138% rally from the swing low has brought the $INJ price up to the beginning of strong horizontal resistance at $15. Also, just as is the case for $AAVE and $FET, the weekly Stochastic RSI has its indicators at the top, ready to roll over and come back down. The orange support lines are possible targets for the bears.

Does Total3 signal top is in for now?

Source: TradingView

It does look like a top may have been reached for the altcoins, and this is being borne out in the Total3 chart (combined market cap of all cryptocurrencies, excluding $BTC and $ETH). The $900 billion area is proving to be very strong resistance. Much will now depend on Bitcoin.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.