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Cosmos, Aave, Tezos Price Analysis: 04 April

Akashnath Sumukar



Source: Pixabay

Cosmos defended the $19.8 support level but continued on its recent uptrend. Aave was trading within a range and moving toward the range highs at $425. Tezos approached the $5 area but was rebuffed, and the $4.7 mark is one to watch.

Source: CoinStats

Meanwhile, Bitcoin was trading at $57,763 with a market capitalization of $1.1 trillion.

Cosmos [ATOM]

Cosmos, Aave, Tezos Price Analysis: 04 April

Source: ATOM/USD on TradingView

The Directional Movement Index showed the ADX (yellow) above 20 while the +DI (blue) was about to cross over beneath- an early sign that perhaps the strong upward trend was losing traction. The Aroon Indicator continued to show an uptrend in progress over the past week, with a brief pullback in between.

Taken together, the defense of the $19.7-$20 area over the next few days is necessary to continue the uptrend.

Aave [AAVE]

Cosmos, Aave, Tezos Price Analysis: 04 April

Source: AAVE/USDT on TradingView

AAVE has formed a range (dashed, blue) between $301 and $425 over the past month. The mid-point of the range at $360 has acted as both support and resistance to the price and been a turning point in the market, giving the range formation further credence.

At the time of writing, momentum was in favor of the bulls, although the MACD formed a bearish divergence above the zero line to highlight a pullback in progress. The $386 level appears to have been defended, in which case AAVE could make another run toward the stubborn range highs at $425.

Tezos [XTZ]

Cosmos, Aave, Tezos Price Analysis: 04 April

Source: XTZ/USD on TradingView

For Tezos, too, a range (dashed, blue) formation and its breakout was witnessed in the past few days but XTZ bulls were unable to overcome the resistance at $5.34, nor hold on to $5 as support. The RSI fell beneath neutral 50 and retested it as resistance.

On the OBV, the selling volume since mid-February has been significant. The recent rally for XTZ from $3.79 range lows to $5.34 was on the back of (relatively) negligible demand on the OBV- the OBV is nowhere close to where it was the previous time XTZ was trading above $5.

This indicated the market was not ready to push past $5 yet, and XTZ would likely gather steam between the $4.50-$5 levels in the weeks to come.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.