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Cardano, AAVE and ZCash Price Analysis: 05 August - AMBCrypto
Source - Unsplash
Even as Bitcoin started to retrace on charts, altcoins closely followed the movement and stopped moving upward. The likes of ADA and ZCash noted minor falls by 0.9% and 0.8% respectively, while AAVE reported a significant gain of 12.3%.
Cardano
ADA/USD[1], TradingView
Cardano has[2] been moving between $1.38 and $1.33 over the last few days. The next support region lay at $1.25. Market volatility might be a factor that comes into play as
Bollinger Bands indicated no major divergence.
Red signal bars were seen on
Awesome Oscillator, indicating built-up of bearish pressure,
MACD on the other showed green histograms, which were declining. A price reversal could also make the coin trade above its immediate resistance level of $1.38.
AAVE
AAVE/USD,[3] TradingView
AAVE[4] surged drastically over the last 2 days; it noted a 12.3% increase overnight as the coin was priced at $354. If the uptrend momentum is maintained, the coin would soon push through resistance level of $381. AAVE’s uptrend could be related to its recent development; Bitwise Investments launched its “Bitwise AAVE Fund”.
Awesome Oscillator painted a bullish picture as green signal bars gained strength;
MACD reaffirmed by flashing green histograms at press time.
The considerable boom of AAVE forced the coin to move into the overvalued zone, although at the time
