Global crypto markets are up over 2% during Tuesday’s session, with AAVE and AVAX being the two largest tokens. Both these cryptocurrencies bounced back from losses during yesterday’s session, with AAVE trading 10% higher.
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AAVE rebounded during Tuesday’s trading session as bulls returned to action after a recent three-day winning streak was broken yesterday.
After a low of $82.02 at the beginning of the week, AAVE/USD is up 10% today, reaching a peak of $92.16 in the process.
Today’s move pushed the price away from the long-term support level of $80, and they are now slightly below the $94 resistance.
The bulls are targeting the $100 level in AAVE, however we will not see a move towards this point likely until the current ceiling on the RSI is broken.
Looking at the chart, the 14-day Relative Strength Index is tracking below the resistance at 36.30, which is the highest point the indicator hit in the past ten days.
Overall, although the price is currently oversold, both the short and mid term moving averages suggest that the momentum is still bearish.
Avalanche (AVAX)
Similar to AAVE, AVAX saw its price rally on Tuesday, after a brief stint in the red to begin the trading week.
AVAX/USD peaked at $35.47 earlier in the day, which follows a low of $32.22 during Monday’s session.
As a result of today’s move, AVAX is now trading slightly below the $37.30 resistance, which appears to be the point bulls are targeting.
Overall, the relative strength on the current chart suggests that the price is still oversold, and is close to a several-month low.
Looking at the chart, there is an upcoming resistance level at 32, which will test this recent bullish sentiment, which has seen the price move higher for four of the last five sessions.
If the bullish strength continues to increase, we will see the possibility of a price move towards $40 in the upcoming session.
At what level do you expect to see AVAX end the week? Let us know your thoughts in the comments.
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