Hello family, today we will analyze the behavior in the following weeks of, BAT & AAVE.
BAT / BTC
Basic Attention Token Coin # 32 in the Coinmarketcap ranking with a total market capitalization of 40,368 BTC and a Volume for the last 24 hours of 8317 BTC. Since June 27 of the current year the price of BAT has had a decrease in the price of approximately 18% that day a BAT was exchanged up to 0.00003293 sat, taking us to today 06/07/2020 09: 00 am UTC the BAT price is 0.00002727 sat.
While BAT has not yet abandoned the main downtrend, the price movement since MAY this year has been bullish momentum with slight downward pullbacks.
Today the price seems to find a break at the important support level of 0.00002696 sat plus the bulls are using the 0.38% and 0.50% Fibonacci retracement as support.
If we add indicator support to our technical analysis, then as you can see in the graph, the 20-day TEMA is above the DEMA of 60, this is a positive sign for the bulls.
Therefore, in the following days we can observe:
If the bears do not manage to cross below the current support, this could be very well taken advantage of by the bulls, in the short term in the following days in BAT / BTC we will be able to observe that Basic Atention Token will obtain significant gains against Bitcoin. While in the long term BRAVE with more than 15 million users and growing, it will continue to make huge profits and we will continue to hear quite a bit of news about this token.
In another scenario if the bears manage to cross below this support level then the BAT price could drop a bit more, where it will meet the next support level at 0.00002556 sat. This level being a great entry point.
AAVE / BTC
ETH LEND / BITCOIN
Although in the crypto world many experts mention that the DeFi ecosystem is the ICO of 2020. These comments to AAVE seem not to matter because their users continue to increase since on June 1, 2020 there were only 6,798 users, while on the day of today there are more than 10,000.
And this is reflected in the price since on June 1 according to Coinmarketcap the total market capitalization was $ 84,349,090 USD, increasing to $ 226,991,134 USD today 06/07/2020. But it is still a small market which is why I am writing this because AAVE could be reporting huge gains against BTC.
Well, a clear example is the case of the pair that we analyzed previously and I refer to BAT / BTC where we saw that it has a market capitalization of 40,368 BTC and a Volume during the last 24 hours of 8,317 BTC, while AAVE / BTC hardly counts with a total market capitalization of 24,671 BTC and a trade in the last 24 hours of 1,668 BTC. It is small even if we compare it with BAT.
But what matters to us here is how AAVE has behaved against Bitcoin, since the value of AAVE has increased too much by 230% approximately from June 1 to today. 230% profit! That leaves us with a great anecdote.
So what could happen in the following days?
Today as you can see on the chart the price is 0.00001902 sats the price has opened with a large bullish volume candle leaving behind the old resistance of 0.00001828 sats.
This clearly shows us that the bulls are buying all sales, so there are only retracements of a few days, with the bullish momentum still dominating.
Furthermore, the price maintains a natural movement as the 0.50% level of the Fibonacci retracement has been used as support by the bulls.
A short-term analysis:
Beating the current resistance there is no close entry point for the bears. This gives the bulls a great advantage as they will find nothing to oppose them on their way, until the next resistance level located at 0.00002296 so we can see an increase in the value of AAVE from 24% to 38 % in the following days.
But we must also analyze being pessimistic so if the price returns to resistance then the bears could take advantage of this situation to lower the price to 0.00001523 sats
Practice makes perfect, never is too late.
Thanks for reading have a great day or a great night whatever 🤗