Aave, Monero, Enjin Market Analysis for 27th January 2021

Spread the love

Aave retraced from record levels, but the market still belonged to the bulls and the price could surge to fresher highs over the next few trading sessions. Monero succumbed to yet another support level as the price moved below $134.4. Finally, ENJ showed signs of a bearish pullback and a southbound move could see the price test the $0.375-support level.

Aave [AAVE]

Aave appeared to be cooling down from its all-time peak, as buying interest and trading levels have fallen marginally over the last 24 hours. However, momentum was still heavy on the bullish side and the extended rally could see AAVE reach fresher highs in the next few sessions. On the other hand, a fall below the $244.9 support could suggest a turnaround and a change in momentum towards bears.

The Amazing Oscillator showed that the momentum on the bullish side remained solid.

While the On Balance Turnover has been marginally smaller in the last few sessions, it still has a decent number of investors on the market.

RECOMMENDED READ:  As Ethereum Miners Vote to Increase Block Gas Limit, Here Are Its Pros and Cons


Monero [XMR]

Source: XMR/USD, TradingView

After falling below the $152.7 mark, Monero plunged below many support levels and was unable to revisit the levels seen in mid-January. A look at the 4-hour chart shows the XMR bear market as the stock traded below 200-SMA (green). The bearishness also had a negative price impact, as XMR was among the top losers for the month. At the time of publishing, the market slipped below another level of support at $134.4 and was going towards the next line of defense at $128.8.

The bearish crossover of the MACD indicated that sellers could monitor the forward-looking price.

The relative strength index was lower towards the oversold zone, underlining the market weakness.


Enjin [ENJ]

Source: ENJ/USD, TradingView

Despite Enjin’s fall by more than 13 per cent from its all-time peak, the price of the gaming token has risen by 184.5 per cent in the last 30 days. On the charts, the uptrend can also be seen as ENJ snapped higher highs and higher lows. Although the bulls were in charge of the market, some sales pressure has been seen over the past few days as the stock traded close to the $0.402 support. A deeper correction could see ENJ slip below its press time support level and travel to the next $0.375 barrier.

RECOMMENDED READ:  Telos launches Telos EVM

While the Stochastic RSI traded in the oversold region and seemed to be ready for a turnaround, a bearish breakout meant that the index could stay in the region before changing direction.

The Parabolic SAR dotted markers were over the candlesticks, an indication that the ENJ had been bearish in the last few days.

Enjin coin entered the headlines recently after being awarded legal status to the Japan Virtual Currency Trading Association – Japan’s crypto-regulator. The site also revealed a listing for Coincheck, a Japanese trading website.


 730 Interactions,  2 today

Augur, Dogecoin, Monero Price Movement Analysis for 24th February 2021

At press time, the famous privacy coin Monero stabilized on the charts and saw a rise above the $230-level at Read more

Ethereum Classic, Monero, VeChain Price Movement Analysis for 20th February 2021

Thanks to Bitcoin's immense market supremacy and market share, its movement is also mirrored in the success of altcoins on Read more

 IOTA, Monero, Polkadot Price Movement Analysis for 15th February 2021

A slight correction in the wider market saw altcoins DOT, XMR, and IOTA dropping to their respective support levels at Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: