Aave, Binance Coin, Zcash Price Movement Analysis for 2nd March, 2021

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Aave travelled within a descending triangle, but at the time of publishing, its technical indicators did not support a breakout. Binance Coin entered the consolidation process after overturning its $238.4 resistance mark. At the end of the day, Zcash managed to flip the $125 resistance on the basis of the bullish momentum.

Aave [AAVE]

Aave made a series of lower altitudes on the 4-hour map after retirement from record heights. As the $300-level served as a hedge against price declines, a descending triangle formed on the charts. However, at press time, the trading rates were marginal and were not consistent with the breakout projection.

The Stochastic RSI pointed up in the reversal field and suggested that Aave’s pull back to the lower trend line could be postponed. The MACD line moved over the Signal line, but the histogram shows some bearish momentum. A southbound breakout could bring the $212.67 support under the spotlight.

Binance Coin [BNB]

Source: BNB/USD, TradingView

The $194.5 level has proven to be a good support level for Binance Coin after the world’s fourth-largest crypto retraced from record highs to the current wider market sell-off. Before the pullback, BNB rose by almost 150 percent in only a matter of three days, reaching an ATH of more than $333. This also placed BNB among the top monthly winners for February, with gains of more than 465 perent.

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At the time of publication, the price was looking to join the stabilisation phase after reversing the $238.4-resistance. The Bollinger Bands had low fluctuations as the bands were compressed. The Amazing Oscillator was a bearish twin peak, but the presence of a considerable amount of customers on the market could negate the establishment.

 

Zcash [ZEC]

Source: ZEC/USD, TradingView

The ADX Tracker pointed south of the 30-mark, as market bulls were losing momentum in the Zcash market. The bullish crossover in the MACD was also well-received as ZEC bounced back from the $108.4 support.

However, a high support level of $125 has yet to be reversed to expect a bullish comeback. The 24-hour trading rate will have to be picked up for an upward breakout in the next few sessions.

 

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