The last 12 hours have been favorable for all coins in the market. Even the total market capitalization was up by 8% at press time. Cardano was also boosted by the news of smart contracts now running on Alonzo. While Ripple continues its fight against the SEC, XRP posted gains. AAVE did not have much spotlight in terms of news for the moment.
XRP’s slow recovery has led the coin to still remain short of its Jun ATH by 17% and trade at $0.875. For a while, the coin was rising well above $0.89, but after the repeated dips of June 4 & June 7, the coin broke it and flipped it into a resistance level. While this situation is temporary, investors have become extremely cautious.
At press time, bullish momentum could be observed building up according to Awesome Oscillator. The slight rise of green bars above 0 line exhibited optimism for the coin.
In the early hours of June 14, an uptrend had been initiated as per Parabolic SAR, since the white dotted line remained under the candlesticks. This was accompanied by MACD indicator that displayed a bullish crossover with the indicator line moving over the signal line.
Though indicators were calling for a price rise, the coin will still need a stronger push to turn the active resistance back into support.
Cardano [ ADA ] :-
$1.38 has been acting as a strong resistance for ADA for a while now. Despite many falls, the coin did not drop below it. In the early hours of trade, the coin jumped by 9% in less than 16 hours. A similar movement could be observed on Relative Strength Index (RSI) as well. The purple indicator recovered from the oversold region it was on June 12 and moved above the neutral line with a slight dip observed at press time.
Capital inflows have not been quite as strong either according to Chaikin Money Flow. The indicator remained in the bearish-neutral territory at the time of writing. Bollinger Bands remained parallel to each other, with the basis (red line) acting as support.
Price could swing upward if the bands diverge in the next few hours, otherwise, the movement will stay sideways.
AAVE had a surprising performance as the coin made a 17.36% jump in the last 24 hours as soon as it touched the $267 support level. Due to the fall in the past few days, a new temporary resistance was established at $346. If this rally isn’t short-lived, the coin could soon break past it as well. Simple Moving Averages lines remained bearish. Although the gap between the 50 SMA (orange) line and the candlesticks was closing in, there’s no immediate change in positions.
Accordingly, MACD exhibited a bullish crossover with the indicator line moving above the signal line. If the indicator continued to move this way, the market may continue to remain bullish.
For the while, AAVE will remain consolidated within the aforementioned support and resistance level.