AAVE, ADA Remain Near 1-Week Highs on Friday – Market Updates Bitcoin News


Cardano rose to a one-week high earlier in today’s session, despite cryptocurrency markets mostly trading in the red. Aave was also higher on Friday, with the token remaining close to its highest point in the past week. As of writing, the global crypto market cap is 0.43% lower.

Cardano (ADA)

Cardano (ADA) was one of Friday’s notable gainers, as the token rallied to a one-week high to end the working week.

Following a bottom of $0.4596 during Thursday’s session, ADA/USD raced to a peak of $0.4816 earlier in the day.

As a result of today’s move, the token collided with its key resistance level at the $0.4790 point.

adausd 2022 08 26 16 00 46 8a0b6
ADA/USD – Daily Chart

However, following this collision, earlier bulls appeared to retreat, liquidating their positions at this point of uncertainty.

As of writing, ADA is now trading at $0.4765, which is below the previously mentioned price ceiling.

The drop in momentum began as the relative strength index (RSI), encountered a resistance level of its own at 44.

Until this hurdle is overcome, ADA will likely continue to trade at or below its current level.

Aave (AAVE)

Like ADA, aave (AAVE) was briefly higher in today’s session, as it too remained close to a one-week high.

AAVE/USD rose to a high of $95.47 on Friday, which is near its highest level since August 19.

The move saw aave hit and marginally break out of its resistance level at $95.40, however as the session progressed, prices declined.

aaveusd 2022 08 26 16 00 40 a629a
AAVE/USD – Daily Chart

As of writing, the token is now trading at $90.65, almost $5 lower than earlier highs. This comes as bears reentered the market.

Prices of AAVE began to drop following the RSI hitting its ceiling at 48.70, falling to a current level of 45.75.

The 10-day (red) moving average also continues to trend downward, which could be a signal of further upcoming declines.

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Will aave move below $90 by the end of Friday’s session? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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