Aave, Chainlink, Decred Price Movement Analysis for 10th April, 2021

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Aave stuck below its 200-SMA. Chainlink was moving in an ascending channel, but a collapse did not seem to be imminent, at least in the short term. Decred was supposed to split south from its ascending channel after reaching $200

Aave [AAVE]

Though Aave has attempted to rebound after the late February pullback, returns have been relatively limited by a high support line of $422.7. Another obstinate form of resistance came from the 200-SMA, a line that has subdued Aave’s bullish comeback attempt. The candlesticks were below the 200-SMA at the time of publication, and the bulls faced an uphill battle to regain dominance of the stock.

Over the last few sessions, the OBV has remained flat. Since mid-February, sale volume has outpaced purchasing volume. As the market hit its long-term moving average, the ADX shifted south from 26. And if the price does jump up, failure to flip $422.7 to a line of help could result in another breakdown. Any losses seen in the medium term could be cushioned by support at $300.

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Chainlink [LINK]

Source: LINK/USD, TradingView

On the 4-hour map, Chainlink’s current price was at a fork. On the one hand, a break above the $35-resistance on the back of a bullish wider market will possibly propel LINK above its all-time high of $36.9. On the other end of the spectrum, Connection will fall below the ascending channel’s bottom trendline.

Although a bearish divergence on the MACD caused a pullback, the market remained within the bounds of an ascending channel. If the fast-moving line crosses above the signal line, a breakdown in the following sessions will be stopped. The RSI was predicted to fall into the oversold region after establishing another peak in the upper territory after pointing north from 54. A breakdown would show $28.6-support, but it might fall as low as $24.4.

Decred [DCR]

Source: DCR/USD, TradingView

Decred passed within an ascending channel on the 4-hour timeline after a pickup from $175.7-support. This has been a recurrent theme for DCR in the last two weeks. Ascending channels caused a slight pullback, but the bulls quickly negotiated them and resumed their upward trajectory. Using the same rationale, a slight pullback was predicted if the channel topped out at a psychological range of $200.

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The $195 area could provide some relief, but a drop to $175.7 was also possible in the event of a sharper sell-off. For the time being, the RSI is forming its third peak in the overbought area, and a reversal is imminent. Meanwhile, the Awesome Oscillator indicated that bullish excitement was building.

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