ALEO Crypto Bounces 10% in 12 Hours, But Bearish Signs Prevail

• ALEO Cryptos Bearish Momentum and Steady Selling Pressure.
• According to the liquidation heatmap, the price bounce to $2.4 could be followed by a downward move.

come on [ALEO] Crypto has been on a steady downtrend for the past month. The value of the token has dropped by 64% in three weeks, which is a worrying sign.

It was even more worrisome because Bitcoin [BTC] And the rest of the market saw some gains last month.

Strong bearish conviction and lack of buying pressure means that ALEO is headed further south

Motivated price action reinforces doubt

Source: ALEO/USDT on TradingView

The market structure was strongly bearish on the 4-hour chart. The recent low high was at $2.85. ALEO needs to climb another 19% before it can breach this level and reverse the market structure in this timeframe.

Steady selling pressure was reflected in OBV with its downward trend. While the rest of the market has seen some gains with BTC over the past month, ALEO has not managed any significant growth.

The great oscillator stays firmly below the zero line to indicate downward momentum. Overall, although there was a slight bounce from $2.15, there was no sign of brilliance behind the token.

In the coming weeks, ALEO will need to break the $5.65 Fibonacci 78.6% retracement level to give an early signal that it may be poised for a sustained rally. As things stand, this scenario may not happen.

ALEO Crypto is primed for a pullback

Source: Coyonglas

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The $2.4 zone has formed a cluster of liquidation levels around it over the past 48 hours. The recent price bounce from $2.15 sweeps this zone.

At North, the next big magnetic zone is $2.93. Hence, it is likely that the downtrend will continue and Aleo Crypto will move towards and below the $2.1 level.

Disclaimer: The information presented does not constitute financial, investment, trading, or other advice and is solely the opinion of the author