Aave was expected to stay below its $422.7 resistance level. Compound was found to need more momentum before smashing through the upper limit of $561.2. After bouncing back from the $0.79-support, Ontology maintained its uptrend. After battling some bearish presence, Tron was tipped to scale above its most recent local high.
Unlike its peers ONT and TRX, Aave’s movement has been increasingly constrained since the late February pullback. Although support at $304.2 has consistently stopped a sustained sell-off, advances have been limited at a resistance level of $422.7. A single breakout above this level was also quickly denied by the bears. The press time price of Aave was not far from its upper limit, but a breakout was impossible.
The RSI was at 50 and pointing south, while the Awesome Oscillator was bearish-neutral. Trading volumes were increasing, but had not yet reached $500 million. Over the medium term, a positive result seemed likely, but only if the bulls held on to the $375-support level.
At press time, Compound had retested the $517 mark and had turned it into a line of resistance. The MACD indicated that the market was becoming more bearish, and the Awesome Oscillator recorded a string of consecutive red bars.
This meant that the bulls were not yet able to break through the $561.2-resistance, and that consolidation could occur at lower levels. Long-term buyers can keep an eye out for $450 and $420, and a dip towards $339 might also deliver buy signals.
Although the current alt season has been dominated by Tron, XRP, Cardano, and Polkadot, Ontology has been an above-average performer in the industry. Despite the fact that its trade rates indicated that the cryptocurrency was underutilised in comparison to other alts, gains of 92 percent in the last 30 days cannot be overlooked too long. Volumes have also gradually increased during this time span, reaching just under $1 billion at the time of publishing.
Since a bounce back from $0.79-support, the market has rendered higher highs and lower lows in the 4-hour period. As the price reached $2, the MACD’s histogram revealed some declining strength, even though the fast-moving line remained above the Signal line. Even though the CMF was down from 0.09, it was still above the half-way level, indicating that capital inflows remained safe. A increase over $2 seemed to be on the way, but the price could first decline to the $1.8-support level.
Tron reached 2021 after a relatively quiet December in which the cryptocurrency struggled to hit levels not seen since September 2020. The paradigm for the ‘Ethereum Killer’ seems to have changed by February 2021. TRX not only surpassed its September highs, but it also shook off wider market woes and maintained its upward trend into April. A breakout above $0.067 was a watershed moment during the process, propelling TRX to a newer local high. Gains in the last week alone were over 100 percent, and more could be on the way in the coming days.
The RSI has settled below the overbought region, which is a good sign in the short term. The MACD did show a bearish crossover, but the index was still well above the half-way point. The price could fall below $0.131 and even reach $0.107, but the long-term forecast remained bullish.
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