Hello, Traders!
As a cryptocurrency trader seeing this chart and not being a part of AAVEs growth can be frustrating.
LEND is currently up 1700% since the start of the year, seeing the cryptocurrency at similar prices as the 2018 bull run. Although will this huge growth continue? Or is LEND showing signs of a slowdown? LEND has recently broken its upwards trend and is in the process of its retracement. As shown below LEND is attempting to break above the 0.236 level having found significant support at the 0.382 Fibonacci retracements.
LENDs attempt to break the 0.236 is currently supported by the SAR and BBs. The SAR has given LEND positive momentum, with the SAR line below the price. It also has a fair bit of distance between the line and the candlesticks, cementing that bullish momentum for the time being. Alongside this, it appears as though the BBs center 20 days MA has provided support for LEND.
However worryingly LEND has found support with the lower BB and has not made a significant break above the 20 days MA. If LEND can break further above the 0.236 and use the upper band as resistance – this would be bullish. However, currently LEND is at a crucial stage when concerning the BBs.
In conclusion, LEND is at a crucial point in terms of resistance levels. If LEND can break the 0.236 then the bullish movement will continue. If this occurred it would also turn the neutral indicators bullish. However, if this cannot be broken, expect a downtrend to begin for LEND. The first bearish target for LEND is $0.27 USD, a 10% decrease in price from our current position. The first bullish target is $0.34 USD, a 10% increase from our current position.
Good luck and watch out for the market!
P.S. Where AAVE is heading in your opinion?
As a cryptocurrency trader seeing this chart and not being a part of AAVEs growth can be frustrating.
LEND is currently up 1700% since the start of the year, seeing the cryptocurrency at similar prices as the 2018 bull run. Although will this huge growth continue? Or is LEND showing signs of a slowdown? LEND has recently broken its upwards trend and is in the process of its retracement. As shown below LEND is attempting to break above the 0.236 level having found significant support at the 0.382 Fibonacci retracements.
LENDs attempt to break the 0.236 is currently supported by the SAR and BBs. The SAR has given LEND positive momentum, with the SAR line below the price. It also has a fair bit of distance between the line and the candlesticks, cementing that bullish momentum for the time being. Alongside this, it appears as though the BBs center 20 days MA has provided support for LEND.
However worryingly LEND has found support with the lower BB and has not made a significant break above the 20 days MA. If LEND can break further above the 0.236 and use the upper band as resistance – this would be bullish. However, currently LEND is at a crucial stage when concerning the BBs.
In conclusion, LEND is at a crucial point in terms of resistance levels. If LEND can break the 0.236 then the bullish movement will continue. If this occurred it would also turn the neutral indicators bullish. However, if this cannot be broken, expect a downtrend to begin for LEND. The first bearish target for LEND is $0.27 USD, a 10% decrease in price from our current position. The first bullish target is $0.34 USD, a 10% increase from our current position.
Good luck and watch out for the market!
P.S. Where AAVE is heading in your opinion?