Tron, MATIC, Aave Price Movement Analysis for 24th May, 2021

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Though market leaders Bitcoin and Ethereum failed to report significant gains, trading at $36,360 and $2,234, respectively, some altcoins saw a resurgence of traders and recovered from recent lows. Tron and Aave all found their feet at various levels of funding and aimed for a climb above their 20-SMAs. MATIC’s benefit, on the other hand, was more authoritative, rising by 30% in the last 24 hours.

MATIC

Source: MATIC/USD, TradingView

MATIC eventually cushioned its loses at $0.856 after falling from $2 in the previous few days. Although the candlesticks fell below their 200-SMA (green) on the 4-hour timeline, buyers were able to force a quick return above the long-term moving average, preventing a prolonged bearish scenario.

In reality, the candlesticks moved above their 20-SMA (red), and losses were seen all the way up to the $1.77 resistance mark. Overall, this will represent a roughly 100% increase in valuation from $0.856. If a breakout over $1.77 is rejected, there could be some downside momentum, but keeping the $1.49-support will ultimately lead to a bullish result.

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The RSI has recovered from the oversold zone, and a move above 50 will indicate more bullish market action. The Squeeze Momentum Indicator indicated waning bearish momentum, and a green bar might also indicate a buy alert.

 

Tron [TRX]

Source: TRX/USD, TradingView

Tron has managed to recoup some of its losses in the last 24 hours after some purchasing was observed at the $0.057-support stage. However, TRX faced a critical test in the form of $0.074-resistance – a field that intersected with the 20-SMA (red). Retaking this zone on decent quantities will open the door to another 20% price increase at the $0.0926-resistance. A general market rebound could also provide momentum for a move beyond $0.0926.

The RSI reversed from the oversold zone, as forecast by previous research, but had yet to rise above 40, indicating that the sector was already bearish at press time. Gains will likely be constrained with slow capital inflows, according to the CMF, but an increase above the half-line will give another lift to TRX’s recovery.

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Aave [AAVE]

Source: AAVE/USD, TradingView

The next few hours are critical for Aave’s short-term trajectory, just as they are for Tron. Regaining the level above the 23.6 percent Fibonacci level ($317) could qualify for returns up to the 50 percent Fibonacci level ($439.5). Maintaining the 38.2 percent fib mark ($284.9) until selling pressure returns might lead to some sideways action, but a more stable defensive line rests about $317.

Despite the fact that the MACD was just below the half-line, a bullish crossover signalling a resurgence in investment. Nonetheless, AAVE needed to make more progress in order to reverse the bear market conditions. Finally, the Awesome Oscillator reported bullish momentum, and the index climbed above the hourly equilibrium level.

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