AAVE ANALYSIS: JULY, 2021
After taking support from the demand zone of $184, the coin showed an excellent reversal with decent buying volumes. However, the coin is now nearing its upper trendline which has proved to be a good resistance area since the past month. The coin has been trading below its 50-day and 200-day exponential moving average but if the current recovery continues, the coin will be above both soon. The charts show a ‘three white soldiers’ type pattern on the daily time frame. Three white soldier pattern refers to three consecutive bullish candles with good volumes.
The Relative Strength Index has given a sharp surge after breaking out from its upper trendline indicating price strength. It is currently positioned at 43.03 near the neutral region. The RSI has defended itself from the oversold region and supported the reversal.
The MACD has recently crossed above the signal giving out a ‘buy’ call to investors. The price analysis of Aave is suggesting bullish moves for the coin in the upcoming weeks.
In conclusion, this is the price analysis of Aave.
On the breakout and close above the confluence of the resistance and the upper trendline, targets on the upside are placed at $274.46 and $306.59 in the upcoming weeks.
However, if the coin fails to sustain the resistance levels, the coin could head towards its support zone of $154 to $184 in the short term.
COSMOS ANALYSIS: JULY, 2021
Cosmos is a cryptocurrency developed and operated by the cosmos network which aims to create a decentralized future.
Cosmos is currently trading at $11.23. It has given a good breakout of the confluence of its upper trendline and the resistance zone. However, the breakout seems to be weak as it is not supported by good volumes as the buying volumes are below average. Another worrisome sign is the recent death cross seen on the daily time frame. The 50-day exponential moving average has crossed below its 200-day exponential moving average which also highlights the weakness in the breakout. A neutral to bullish bias is to be maintained until good volumes are seen on either side.
The Relative Strength Index is indicating price strength as it has surged above the upper trendline. The RSI has defended the oversold region and has made its way to the neutral region.
The MACD has crossed above the signal line giving out a fresh ‘buy’ signal to investors. Both indicators are supporting the breakout done by the coin on the daily time frame.
If the coin sustains above its resistance levels, it could head towards the targets of $13.58 and $17.03 on the upside.
If the breakout fails to hold and any weakness is seen in the market, the coin could see the targets of $8.96 and $7.74 on the downside. Investors are advised to wait for good volumes to support the uptrend.
WAVES ANALYSIS: JULY, 2021
Waves is a cryptocurrency developed by the waves blockchain network which aims to provide a friendly technological platform to advance the world to a bright future. Waves is currently trading at $14.48 near its upper trendline.
The coin has been bouncing back from its order block of $9.57 to $11.45. The coin is also being supported by its 200-day exponential moving average in the short-term. Although the coin has made a good reversal, the volumes are quite dry compared to earlier this year. The coin may experience a good move on the breakout or breakdown of either side.
The Relative Strength Index is facing pressure from its upper trendline. It stands near the neutral level at 47.36 currently. The RSI is also indicating a sideways movement until there is a breakout or breakdown on either side.
The MACD and the signal line have been showing indecisiveness by crossing each other several times in the past week. Both indicators are showing range bound movement in the coin.
On the breakout of the level of $14.71, the coin can see the targets of $17.57 and $18.43 in the short term. If the coin faces downward selling pressure from its resistance, downside targets are placed at $11.59 and $9.60. The coin maintains a sideways with a bullish bias for now.