Today's technical analysis of the three most popular altcoins namely AAVE, Sushiswap (SUSHI), and Compound (COMP) will explain what to expect in the coming days. On the other hand, AAVE buyers are setting their eyes on $450 in the immediate term.
Trustless lending makes part of DeFi, and it is here where the AAVE protocol is prominent. Its ecosystem is moved by the AAVE governance token. After a lull in March, the AAVE technical analysis looks solid with buyers in control.
The AAVE price is within a larger $150 range. However, AAVE/USDT prices are in a $50 range with caps at $390 and $440 on the upper end. At the same time, average trading volumes are up 50 percent to $1 billion on the last day.
The AAVE price is changing hands at $436 as of writing on Apr 15. It is up nine percent on the last day versus the USD and BTC.
Candlestick arrangements in the daily chart point to bulls. Even in a consolidation, AAVE/USDT prices are printing higher highs along the upper BB.
Also, trading volumes are rising as buyers load dips. Overly, trading volumes have been steadily rising since late March. It suggests trader confidence.
AAVE technical analysis shows that buyers have reversed losses of the double-bar bear reversal pattern of Apr 2 and 3.
AAVE/USDT price action is within a bull flag within the 50 and 23.6 percent Fibonacci retracement of the Q1 2021 trade range.
Accordingly, aggressive traders can buy the dips, targeting $450.
A close above $450 may trigger risk-averse traders into action. In turn, they can aim for $580—Feb 2021 highs.
There is a DeFi revival, and Compound (COMP) is a beneficiary.
The Compound technical analysis reveals a resurgence of demand for COMP.
COMP prices are firm, in an uptrend inside a $240 range with visible resistance at $570.
On the last day, COMP/USDT prices are ranging inside a $70 zone with caps at $450 and $520 on the upside.
As COMP prices climb up, so do trading volumes which also rose 37 percent to $197 million on the last day.
The COMP/USDT price is trading at $522 on the last day, adding roughly 11 percent against USD and BTC.
Demand is picking up. COMP prices are rising as middle BB's gradient turns positive.
Bollinger bands are also widening, pointing to volatility in lower time frames.
The middle BB—the 20-day moving average is reliable support.
COMP buyers are in control, as Compound technical analysis shows.
Every low is potentially a loading opportunity as COMP/USDT prices sprint. The immediate target is $570. A breakout above that could lift bulls to $830—the 1.618 Fibonacci extension level.
On the flip side, losses below the middle BB and $410 could see COMP prices fall to $340 or even $220—the 78.6 Fibonacci retracement of the Q1 2021 trade range.
Sushiswap forked from Uniswap but has since grown in stature with SUSHI, its governance token.
SUSHI technical analysis points to bulls. In the immediate term, SUSHI is trading within a bullish breakout pattern. Prices are ranging in a $2 zone on the last day with decent participation since buy volumes are up 29 percent to $706 million.
SUSHI/USDT prices are up to six percent against the USD, trading at $17 as of writing on Apr 15.
There has been a confirmation of the three-bar bullish reversal pattern of Apr 7 to 12 following Apr 14 surge above $17.
Volatility is increasing as BBs are now widening, pointing to momentum development in lower time frames.
After consolidating, SUSHI/USDT prices are printing higher.
In a three-bar bullish pattern and subsequent confirmation leading to a close above $17, buyers can load the dips targeting $23.
Unexpected losses below the middle BB and Apr 14 at $15 may shake off bears. However, SUSHI traders will flow back if prices drop below Mar lows at $13.