Bitcoin, ETH and AAVE

Bitcoin, ETH and AAVE Price Prediction: Strengthening Bullish Case

Key Insights:

  • Bitcoin extended gains and traded above the $22,000 level.
  • Ether (ETH) spiked and tested the $1,280 resistance.
  • AAVE is gaining pace and could rally if there is a close above $75.

Bitcoin

After a steady move above $20,500, bitcoin price extended gains. The price was able to surpass the $21,250 and $21,500 resistance levels.

It even spiked above the $22,000 level and settled above the 21 simple moving average (H1). It tested the $22,350 zone and is now correcting gains. There was a break below the $22,000 pivot level. An immediate support is near a key bullish trend line at $21,150 on the hourly chart.

Bitcoin BTC Hourly Chart
Bitcoin BTC Hourly Chart by FXEmpire

The next major support is near the $20,600 level. Any more losses might increase selling pressure and the price could decline to $19,500.

Ethereum (ETH)

ETH gained pace above the $1,200 resistance level and the 21 simple moving average (H1). It even spiked above the $1,250 level, but faced sellers near $1,280.

The price is now correcting gains and trading below the $1,200 level. There was a break below a key bullish trend line with support near $1,210 on the hourly chart. The next major support sits near $1,195. A downside break and close $1,195 could spark a sharp decline to $1,110.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the upside, the price could face resistance near $1,225. A clear move above the $1,225 resistance zone could open the doors for another increase. In the stated case, the price could even rally above $1,280.

AAVE

AAVE started a downside correction from the $125 resistance zone. The price corrected lower and traded below the $100 support zone.

There was a clear move below the $750 support zone and the 21-day simple moving average. However, the bulls were active near the $45-50 zone. A low was formed near $45 and the price started a fresh increase.

AAVE Daily Chart
AAVE Daily Chart

There was a move above the 23.6% Fib retracement level of the key decline from the $125 swing high to $45 low. It even cleared a major bearish trend line at $58 on the daily chart.

The bulls are now facing resistance near the $75 level. A clear move above the $75 resistance zone could set the pace for a move towards the next barrier at $100 in the coming days.

ADA, BNB, and DOT price

Cardano (ADA) attempted a move towards the $0.50 resistance but failed. The price is now consolidating near the $0.465 level.

BNB is consolidating near the $240 level. The next key resistance is near the $250 level, above which the price could start a strong rally to $265.

Polkadot (DOT) is consolidating near the $7.0 level. If the bulls remain in action, there are chances of a move towards the $7.32 level.

A few trending coins are MATIC, XRP, and CRO. Out of these, XRP seems to be aiming a strong move towards the $0.40 level.