Aave was trading within a band and was approaching the range highs of $425. Cosmos kept the $19.8 support level while extending its recent uptrend. Tezos reached the $5 level but was turned down, and the $4.7 level is one to watch.
Meanwhile, Bitcoin was trading at $57,763 with a market capitalization of $1.1 trillion.
Over the last month, AAVE has developed a range (dashed, blue) between $301 and $425. The midpoint of the range, $360, has served as both support and resistance to the price, as well as a market tipping point, adding credence to the range formation.
Momentum was in support of the bulls at the time of publishing, but the MACD developed a bearish divergence above the zero axis, indicating a pullback in advance. The $386 level seems to have been held, in which case AAVE could make another push towards the range highs of $425.
The Directional Movement Index (DMI) showed the ADX (yellow) above 20 while the +DI (blue) was about to cross below—an early indication that the solid upward trend was losing momentum. Over the past week, the Aroon Indicator has proceeded to indicate an uptrend in progress, with a brief pullback in between.
Taken together, defending of the $19.7-$20 region over the next few days is expected to keep the uptrend going.
Tezos also saw a range (dashed, blue) forming and breakout in the last few days, but XTZ bulls were unable to clear resistance at $5.34 or keep $5 as support. The RSI dropped below neutral 50 and then retested it as resistance.
Since mid-February, the OBV has seen a large increase in trading price. The latest recovery in XTZ from $3.79 range lows to $5.34 was fueled by (relatively) insignificant demand on the OBV—the OBV is nowhere near where it was the last time XTZ traded above $5.
This signalling that the market was not yet able to advance beyond $5, and XTZ would likely gain traction between $4.50 and $5 prices in the coming weeks.
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