Solana, Terra, Aave Price Movement Analysis for 4th May, 2021

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As Bitcoin stayed below the $60k mark, some alts were restricted below key thresholds. Solana and Luna were trading at less than $50 and $19.5, respectively. AAVE, on the other hand, has been slowly rising over the last few days, and a break above $537 was anticipated.

Solana [SOL]

Solana had buyers at both $21 and $30, pushing it towards the $50 mark. However, recent days have seen choppy movement, with the market oscillating between $40 and $50. Maintaining the lower range will be positive in the short-to-medium term, allowing for a breakout over $50.

As the index moved erratically, OBV displayed periods of selling pressure followed by periods of purchasing pressure. As momentum shifted to the bearish edge, the Awesome Oscillator drifted towards the half-line. This was not a concerning indication at the time, but as it had already withdrawn, support at $40 must be guarded to prevent a bearish result.

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Terra [LUNA]

Source: LUNA/USD, TradingView

Terra has failed to crack above $19.5 after a pullback in the last week of March. Although the candlesticks did climb above their 200-SMA on several occasions, bullish sentiment was insufficient to cause a sudden surge in the market. The price was backed by the 200-SMA at the time of publication, and the hourly timeline indicated a steady increase. However, due to low trading rates, a breakout over $19.5 was not yet a prospect.

The RSI was pointing north from the neutral zone, but an increase to the upper area was impossible. CMF, on the other hand, exhibited a strong association with price. A increase above the half-line and stable capital inflows were positive signs for the future.

Aave [AAVE]

Source: AAVE/USD, TradingView

The Aave sector has seen many pullbacks after a rally in early February. A solid support area present about $308 has kept these pullbacks going. This region has proved to be a good base for purchasing action, as shown by the recent rally. However, support at $537 has also capped AAVE’s gains. As the rally approached this upper limit, a red candlestick emerged on the regular timeframe.

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The market highlighted a squeeze announcement, which signalling increasing uncertainty, according to the Squeeze Momentum Indicator. A rise in 24-hour trading volume was a good indicator, and all eyes will be on the $537 barrier in the coming days. In the event of a breakout, thresholds to watch for include $580 and $660. The RSI fell below 60 but remained in the bullish zone.

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