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After Bitcoin moved upwards from the $41,000 mark, the broader market followed suit and most altcoins rose along with the king coin. At press time, ADA, AAVE, and BAT were in the green territory and projected an upside move in the short term.
After snapping a local high at $0.358, a correction pulled ADA towards support at $0.28 before prices picked up once again on the charts. The world’s sixth-largest cryptocurrency by market cap has surged by nearly 70% in the past seven days and has found itself among the top weekly gainers. Currently, prices were looking to topple resistance at $0.341 as the bullish momentum was driving the price towards its local high once more.
The Relative Strength Index registered an uptick and was moving towards the overbought zone, affirming the bullish nature of the prices.
On the flip side, Chaikin Money Flow showed that capital was trickling away from the crypto asset since the index pointed lower, towards the equilibrium point. This suggested that a broader market rally could be required to boost prices beyond their present resistance level.
Since the past week, AAVE has been consistently rising on the charts, with support at $105.60 forming a defensive front whenever prices have looked to move lower. In the last trading session, Aave jumped to its all-time high at a little over $140 as buying pressure pushed prices to record levels. The rally could continue to drive prices upwards as the indicators flashed bullish signals for the cryptocurrency moving forward.
The MACD just witnessed a bullish crossover as the MACD line rose above the signal line, confirming that bullish momentum could continue to drive prices to new highs.
The Awesome Oscillator’s green bars were rising above the Zero mark, a sign that the bulls were in control of the market.
Basic Attention Token [BAT]
BAT rose above $0.265 resistance at hit a local high at $0.298 as the market bulls sought control over the price. The momentum could carry prices beyond their current resistance at $0.29 and towards levels reached last September.
The On Balance Volume also showed that buyers were pushing prices to newer highs, as the index rose above one billion once again.
The Stochastic RSI was moving upwards in the overbought region. While this could indicate a potential reversal, the index could linger in the upper region for a few more trading sessions before moving lower.
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Author: Refer to Source Saif Naqvi