Aave, XRP And Cardano Are Indecisive!

AAVE ANALYSIS: OCTOBER, 2021

Market Structure:

Aave is an open-source and non-custodial protocol used to earn interest on deposits and borrowings of assets. Here’s the market structure of Aave.

Aave is trading at $301.8. The market structure of Aave is indecisively sideways due to a tussle between the buyers and the sellers. Aave has been consolidating in a tight range between the demand zone and the overhead supply zone. This phase is characterised by the formation of large wicks on either side, indicating the indecision among market participants. The coin must give a daily closing above $320 in order to gain bullish momentum. Else, the current consolidation phase will continue to prevail.

On the hourly chart, Aave is giving a very choppy move, as the prices are fluctuating in the favour of bulls and the bears respectively. It is thus stuck in a very tight range, $325 serving as a crucial resistance while $284 serving as a support. The coin must break either side decisively in order to witness a good movement.

aave analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is highly volatile but has managed to stay below the neutral region. It stands at 45.15 and has the potential to go lower.

The MACD has totally converged with the signal line, highlighting the indecision among buyers and sellers.

aave analysis
Source: tradingview

Conclusion:

On the breakout and close above $308, $313 and $322 are the targets on the upside.

On the breakdown and close below $299, $292 and $287 are the targets on the downside.

XRP ANALYSIS: OCTOBER, 2021

Market Structure:

XRP is the cryptocurrency owned, designed and regulated by the cross-border payments facilitator, Ripple Labs. Here’s the market structure of XRP.

XRP is trading at $1.188. The market structure of XRP is bullish as the coin has broken a key structure point on the daily chart. In addition to this, XRP has given a breakout of the supply zone of the previous distribution phase in September. After the breakout, the coin gave a standard retest and continuation in the form of higher-highs and higher-lows. The coin may grab liquidity from the lows to bounce back to its previous highs.

On the hourly charts, the coin broke out of the upper end of the supply zone at $1.1343 with good bullish volumes supported by a rising 20-day exponential moving average. It must sustain above the said level to revive hopes of a recovery.

aave analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has managed to stay above the neutral region. It stands at 56.33 and has the potential to go higher.

The MACD is below the signal line due to the retracement from the higher-high formation.

aave analysis
Source: tradingview

Conclusion:

On the breakout and close above $1.19, $1.22 and $1.25 are the targets on the upside.

On the breakdown and close below $1.16, $1.13 and $1.10 are the targets on the downside.

CARDANO ANALYSIS: OCTOBER, 2021

Market Structure:

Cardano is the first peer-reviewed blockchain network and cryptocurrency in the entire ecosystem. Here’s the market structure of Cardano.

Cardano is trading at $2.237. The market structure of Cardano is indecisive as the coin is in a sideways range since the past ten days. The coin will be bullish if it closes above $2.353 and it will be bearish if it closes below $2.030. Cardano also seems to be making an ascending triangle pattern on the daily chart, facing resistance between $2.328 and $2.378. On the other hand, it is taking support along a rising trendline below.

On the hourly chart, the coin is witnessing a very choppy move, characterised by impulsive moves on both sides. The candles have long upper and lower shadows, indicating a tussle between the buyers and sellers.

Cardano analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI has managed to stay below the neutral region. It stands at 39,76 and has the potential to go lower.

The MACD is below the signal line due to the retracement from the higher-high formation.

Cardano analysis
Source: tradingview

Conclusion:

On the breakout and close above $2.275, $2.300 and $2.325 are the targets on the upside.

On the breakdown and close below $2.218, $2.184 and $2.150 are the targets on the downside.