Analysis
Tron, Aave, Compound Price Analysis: 03 February
Tron was trading within an ascending triangle at the time of writing, but the indicators did not favor a breakout over the next few trading sessions. Aave flashed bullish signals and looked to snap newer highs on the charts while COMP was projected to rise above record levels after a bullish divergence formed on the RSI.
Tron [TRX]
Tron was rejected at the $0.034-price level as the price moved towards the lower end of the ascending triangle. While the price typically witnesses a breakout above this pattern, low trading volumes mean that the price could continue to move within these trendlines over the next few sessions. However, a surge in buying activity could push TRX above the upper trendline and towards the $0.036-resistance.
At press time, the Stochastic RSI was on the verge of a bearish crossover, while the Awesome Oscillator
registered a single point of bearishness. A southbound breakout from the triangle could see TRX move below the $0.031-support.Aave [AAVE]
Aave bounced back from the support at $285.8 as the price traded close to record levels. The hike over the last 24 hours was backed by an uptick in trading volume and healthy buying activity. A move above the $317-resistance level could see AAVE snap a fresher all-time high. This was supported by a bullish Relative Strength Index
, with the same not yet at its tipping point.The Awesome Oscillator pictured the onset of bullish momentum in the market, with the indicator’s histogram flashing green, at press time.
Compound [COMP]
Although Compound performed impressively on the charts and posted gains of over 50% in the last seven days, some consolidation was seen at the time of writing as trading volumes contracted by 24%. However, a bullish divergence was spotted on the Relative Strength Index,
which suggested a rise towards record levels once again.On the other hand, the Parabolic SAR’s dotted markers moved above the candlesticks and projected a downtrend. The market’s bulls might struggle to hold the price above the $339.3-support in case of a sharp pullback for COMP.