Altcoin market wrap: ADA reenters top 10, AAVE flips crucial resistance, RENDER consolidates

The altcoin market exhibited mixed signals as Bitcoin struggled to reclaim the $64,000 mark, trading at $63,782 at the time of this publication.

Cardano has rejoined the top ten cryptocurrencies by market capitalization, AAVE is targeting $200 after overcoming a crucial hurdle, and Render is signaling consolidation following last week’s impressive rallies.

Cardano reenters the top 10

Cardano (ADA) has experienced a 13% uptick over the past seven days, enabling it to reclaim its position among the top ten digital assets and surpass TRON (TRX), which saw a modest increase of 0.73% during the same period.

Cardano currently boasts a market cap of $13.72 billion, while TRON’s market cap stands at $13.11 billion.

Source – Coinmarketcap

ADA’s jump from $0.328 to press time levels within eight days came after somewhat prolonged consolidations.

Optimism in the broad crypto marketplace after the US Fed declared the much-awaited rate cut last week contributed to Cardano’s rise.

Cardano gained 7% over the past day to trade at $0.3817 at press time, and the 31% jump in daily trading volume suggests a bullish stance.

Thus, ADA could extend its current gains, with broad market tendencies playing a crucial role.

AAVE eyes a 22% surge

Aave joined the recent broad market rally, climbing from the weekly low of $135 to $178 before retracing to press time levels of $165.

Meanwhile, the impressive recovery saw the altcoin surpassing the vital resistance at $154 – March 2024 highest swing point.

Moreover, AAVE trades well above the 200 Exponential Moving Average, confirming an upside trend.

The altcoin remains poised for continued recovery, with bulls targeting the $200 psychological mark. That would translate to a 21.21% jump from Aave’s current price.

AAVE trades at $165.57 after losing 5.2% in the past 24 hours, with the 30% dip in daily trading volume highlighting near-term bearishness.

However, the decline could indicate a bullish pause after last week’s 16% increase.

Source – Coinmarketcap

Nansen’s data supports impending rallies for the token.

Stats show AAVE’s centralized exchange (CEX) outflows soared past $6.35M – a nearly 5x uptick from the latest average.

Skyrocketed CEX outflows often mean optimism as they show players moving their assets to self-custody for longer-term hodling.

Nevertheless, the Relative Strength Index approaching overbought conditions signals possible declines for AAVE before upward resumption.

RENDER consolidates

The artificial intelligence crypto remained relatively unmoved over the past day, losing 0.94% of its value to trade at $6.14.

The prevailing performance comes after Render gained 30% in the past week.

Source – Coinmarketcap

Meanwhile, the altcoin remains poised for short-term consolidations amid balanced RENDER sellers and buyers.

However, developments in the AI sector and broad market sentiments will shape the asset’s trajectory in the coming sessions.

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