Biggest Movers: AAVE, ADA Remain Near 1-Week Highs on Friday
Cardano rose to a one-week high earlier in today’s session, despite cryptocurrency markets mostly trading in the red. Aave was also higher on Friday, with the token remaining close to its highest point in the past week. As of writing, the global crypto market cap is 0.43% lower. Cardano (ADA)
Cardano (ADA) was one of Friday’s notable gainers, as the token rallied to a one-week high to end the working week.
Following a bottom of $0.4596 during Thursday’s session, ADA/USD raced to a peak of $0.4816 earlier in the day.
As a result of today’s move, the token collided with its key resistance level at the $0.4790 point. ADA/USD – Daily Chart
However, following this collision, earlier bulls appeared to retreat, liquidating their positions at this point of uncertainty.
As of writing, ADA is now trading at $0.4765, which is below the previously mentioned price ceiling.
The drop in momentum began as the relative strength index (RSI), encountered a resistance level of its own at 44.
Until this hurdle is overcome, ADA will likely continue to trade at or below its current level. Aave (AAVE)
Like ADA, aave (AAVE) was briefly higher in today’s session, as it too remained close to a one-week high.
AAVE/USD rose to a high of $95.47 on Friday, which is near its highest level since August 19.
The move saw aave hit and marginally break out of its resistance level at $95.40, however as the session progressed, prices declined. AAVE/USD – Daily Chart
As of writing, the token is now trading at $90.65, almost $5 lower than earlier highs. This comes as bears reentered the market.
Prices of AAVE began to drop following the RSI hitting its ceiling at 48.70, falling to a current level of 45.75.
The 10-day (red) moving average also continues to trend downward, which could be a signal of further upcoming declines.
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Will aave move below $90 by the end of Friday’s session? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC, ETH Drop as Key Resistance Levels Hold MARKET UPDATES | 11 hours ago Biggest Movers: SHIB Bounces From Key Price Floor, Climbing to 1-Week High MARKET UPDATES | 1 day ago
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