3 cryptocurrencies at a discount: they can give you a New Year’s gift

We've looked at three cryptocurrencies that have slumped off their all-time highs but may have attractive bullish potential. Due to their previous massive drawdown, they formed a very attractive risk/reward ratio that could work out in the event of a bullish reversal in the prices of these coins. The three cryptocurrencies in question are Ocean Protocol (OCEAN), Aave (AAVE) and Monero (XMR). OCEAN is giving strong bullish reversal signals on the weekly RSI. AAVE formed a double bottom. XMR recovered above an important horizontal level. OCEAN sends a bullish RSI signal Ocean Protocol (OCEAN) coin hit an all-time high of $1.94 in April 2021 and has been declining since then, according to technical analysis.. It made a lower high (red circle) in November 2021 and then fell below the descending resistance line. In November 2022, the rate of this cryptocurrency marked a minimum of $0.115, but then began to grow.. The weekly RSI gave bullish divergence signals (green line), after which it successfully formed a “failed swing” pattern (black line and icon). This is considered a bullish signal and is often a harbinger of a bullish trend reversal. However, the OCEAN rate failed to break through the resistance line. Instead, he formed a long top wick (red badge). The price is currently trading below this resistance line and the $0.155 area. An important bullish signal would be the recovery of the cryptocurrency above the $0.155 area and a breakout of the downward resistance. This would confirm a bullish reversal in the market.. In this case, OCEAN may start rising towards the next resistance at $0.40. Meanwhile, a close below $0.115 could take the price to new lows. Source: TradingView Also recently, the editors of BeInCrypto spoke about expert forecasts for the Ripple (XRP) rate for 2023. AAVE Forms Dual Bottom Aave Decentralized Lending Protocol Coin Hits Aug 11 High At $115.80. Price then made a lower high on November 5 and accelerated the rate of decline (red icon). On November 22, the cryptocurrency rate marked a minimum of $50.20, after which it rebounded and drew a “bullish hammer” candlestick pattern (green icon) on the chart. As a result, the market tested the horizontal support area of $54 for strength.. After a failed upside attempt, AAVE returned to this level again on December 20, forming a double bottom.. However, this pattern has not yet been confirmed and is not supported by a bullish divergence on the RSI. A price rise above the $66.50 area will confirm the double bottom pattern and may cause the price to rise towards $95. Meanwhile, the closing of daily trading below the $54 support area may lead to a renewal of annual lows. Source: TradingView XMR: Glimpses of Hope Monero is the most popular privacy-enhanced anonymous coin. In addition, it is one of the oldest cryptocurrencies.. It was launched back in 2014. XMR is trading inside a descending parallel channel. Such channels are usually associated with corrective movements.. Accordingly, the most likely scenario is a bullish breakout of the cryptocurrency from this channel. It seems that XMR has completed the formation of the ABC structure inside the channel, in which the ratio of A:C waves is 1:1. The price rebound after the formation of the low of wave C (green icon) confirmed the support line of the channel and caused the price to recover above the horizontal area of $126.50 (Fibo level 0.618 correction). Now the coin is trying to break through the channel resistance line. If successful, the coin could accelerate its growth rate towards $200. Meanwhile, a drawdown below $125 (red line) will cancel this bullish outlook. Source: TradingView Previously, the BeInCrypto team talked about how you can mine Monero. Disclaimer All information contained on our website is published on the principles of good faith and objectivity, and for informational purposes only.. The reader is solely responsible for any actions taken by him on the basis of information received on our website.