Chainlink and AAVE experienced institutional selling pressure, impacting their market performance.
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As the week draws to a close, the leading altcoins Stellar, Dogecoin $0.182973, Chainlink $17, and Aave have shown divergent paths, separating them from the broader market trends. While Stellar’s XLM maintained a steady course, Dogecoin and Chainlink experienced significant drops. Despite its strong foundation in the DeFi sector, Aave was not spared from the selling pressure. Low trading volume, declining institutional interest, and technical breakdowns have been crucial in shaping the market’s direction.
ContentsXLM and DOGE Show Different PatternsInstitutional Selling Pressure on LINK and AAVE XLM and DOGE Show Different Patterns
Stellar’s XLM coin maintained a stable position at $0.2975. This stability comes even as the overall crypto market rises, which points to a lack of investor interest as XLM lags by 3.5%. The trading volume remains 21% below the 30-day average, indicating missing institutional support. While the support at $0.2950 remains firm, the resistance zone between $0.3000 and $0.3050 stands strong. Technical indicators suggest that an upward breakout would require a supportive increase in volume.
Conversely, Dogecoin lost its $0.1940 support, dropping by 5.5% to settle at $0.1843. Intraday volume surged by 180% to 1.17 billion coins, reflecting the strong impact of large-scale sales. The reduction of positions by institutional investors poses a risk of the price further declining to $0.1765. With the RSI indicator approaching the oversold territory, reclaiming the $0.1950 level is deemed critical in the short term.
Institutional Selling Pressure on LINK and AAVE
Chainlink’s LINK saw an 8% decline in the past 24 hours, dropping to $16.9 and touching a two-week low. The breach of support levels with a trading volume of 3.94 million LINK tokens confirms strong selling pressure. Interestingly, within the blockchain, Chainlink Reserve capitalized on this opportunity to repurchase 64,445 LINK, marking the largest nominal buyback since August.
Meanwhile, AAVE experienced a weekly decline of 16%, settling at $208. The breach of the $211 support level reinforces its technical weakness. However, Aave’s institutional credit platform, Horizon, has shown impressive performance by reaching $450 million in size within two months. Despite this, the substantial activity and ongoing downtrend signal that price pressure may continue in the short term.
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