Global crypto markets are up over 2% during Tuesday’s session, with AAVE and AVAX two of the biggest tokens to rise. Both of these cryptocurrencies rebounded from losses during yesterday’s session, with AAVE trading as much 10% higher.
Aave
AAVE rebounded during Tuesday’s trading session, as bulls returned to action after a recent three-day winning streak was snapped yesterday.
The AAVE/USD gained as much as 10% this week after a weekly low of $82.02 and climbed to a high of $92.16 today.
Today’s move pushed prices away from the long-term support level of $80, and they now hover marginally below a resistance point of $94.
AAVE bulls seem to want the $100 mark, but we won’t see any movement towards that point unless the ceiling on the RSI breaks.
You can see that the Relative Strength Index 14-Day is currently below the resistance level of 36.30. This is the highest the indicator has reached in the past 10 days.
Although prices may be oversold at the moment, both short- and long-term moving averages indicate that momentum remains bearish.
Avalanche (AVAX)
AVAX was similar to AAVE. Its price rose on Tuesday following a short period of trading in the red.
AVAX/USD rose to a peak of $35.47 earlier in the day, which comes following a low of $32.22 during Monday’s session.
As a result of today’s move, AVAX is now trading marginally below a resistance level of $37.30, which appears to be the point bulls are targeting.
Overall relative strength in the current chart suggests that prices are still too oversold. They also track near multi-month highs.
On the chart you can see that 32 is the next resistance. It will be tested by this bullish sentiment. Prices have risen for four out of five sessions.
If bullish power continues to rise, prices will most likely move toward $40 during the upcoming sessions.
Which level would you like to see AVAX reach at the end of this week? Please share your views with us in the comments.
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