Tron, NEM, Aave Price Analysis: 06 February
Although market leaders Bitcoin and Ethereum registered healthy gains over the last 24 hours, some market altcoins moved in the opposite direction and flashed bearish signals in the short-term. Tron, NEM, and Aave were a few of the altcoins that ignored cues from the broader market and traded in the red zone, at press time.
Tron was rejected around the $0.036-resistance level as the sellers dragged the crypto’s price lower down the charts. However, this could just be a minor correction rather than a bearish reversal, as the price remained above its 20-SMA. Further cues from a bullish crypto-market could push TRX north of its upper ceiling and help it maintain its uptrend over the long-term.
In the short-term, however, some bearishness can be expected as the MACD closed in on a bearish crossover. The Awesome Oscillator also sided with the sellers as a couple of red bars were registered on the index. A move below the press time support level would see TRX test the barrier at $0.032.
NEM moved below the $0.28-price level after the cryptocurrency met with some selling pressure over the last 24 hours. Moreover, the on-chain metrics also projected some more bearishness for the cryptocurrency in the short-term.
The Stochastic RSI eyed the oversold territory and the Chaikin Money Flow dropped below zero. If the bulls lose the $0.265-support level, it could lead to a potential bearish reversal for NEM over the medium to long-term as well. On the flip side, a bullish scenario would see the price challenge its immediate upper ceiling once again.
Aave cushioned its losses around $456 after the price retraced by over 12% after snapping an all-time high yesterday. A dip in buying activity and a bearish crossover in the MACD amplified the fall over the last 24 hours. Moreover, the Parabolic SAR’s dotted markers moved above the candlesticks and highlighted the short-term reversal.
Despite the most recent pullback, the DeFi token maintained returns of over 300% in the last 30 days, marking a strong uptrend in its price. If the bulls hold on to the press time price level, AAVE could move north once again on the charts.