THETA, Aave, EOS Price Movement Analysis for 22nd May, 2021

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THETA has recovered some of its losses, but a break over the $6.91 resistance level is unlikely if the wider market stays bearish. In an extreme bearish scenario, Aave could fall all the way to $200. Finally, EOS could fall to $4 before seeking consistent help.

Theta [THETA]

THETA broke past its 20-SMA (red) on the hourly chart, but a break above the $6.91-resistance and 50-SMA (yellow) would be unlikely given the wider market’s weakness. A bullish outcome, on the other hand, could result in a 25% leap towards the 200-SMA and $8.58 before sellers intervene once more. However, the Stochastic RSI’s overbought territory has dashed hopes of a bull run in the coming hours. In reality, on its previous cycle, this index reversed course from $6.91-resistance.

If the wider market struggles to rebound in the coming hours, THETA will likely trade in a range. This result would be exacerbated if ADX fell below 25.

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Aave [AAVE]

Source: AAVE/USD, TradingView

At press time, Aave was trading at $353.75, down 20% in the previous 24 hours. On the 4-hour chart, its candlewicks reached a low of $309.4, a pace last seen when AAVE retraced sharply during the last week of March. A break below this amount could result in losses all the way down to $200.

Since the end of February, the RSI has been in oversold territory five times but has recovered quickly on each occasion. A rise above 50 could serve as a spark for AAVE’s resurgence. However, Awesome Oscillator detected market selling pressure, and a rise above equilibrium was needed for a bullish scenario.


Source: EOS/USD, TradingView

Despite the fact that Bitcoin recovered $37,000 from vendors, EOS struggled to break through the 23.6 percent Fibonacci threshold ($5.92) on its 4-hour map. With 24-hour volumes around exchanges being low, it was unlikely that EOS would lead the turnaround for the altcoin industry.

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Further losses can push EOS closer to $4, a level last seen in late March. The SuperTrend Indicator indicated a sell warning, which would be reversed at the 38.2 percent Fibonacci mark ($7.1). An ADX reading of 50 indicated a solid tendency and foreshadowed the likelihood of more declines.

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