Monat: August 2022

• AAVE has soared 11.63% in the past day

• The token is currently facing resistance at an important price level

• Aave’s total value locked is up 5.73% in the past day

Aave (AAVE/USD) is an open-source, decentralized, peer-to-peer lending platform. The protocol is known for its flash loans, which are blockchain-based uncollateralized loans. The loans must be repaid within a single block time for the transaction not to be reversed. Its native AAVE token is among the highest gainers in the crypto space.

At an 11.63% jump in the past day, AAVE is benefiting from the ongoing market recovery. The recovery is partly due to a report that the inflation rate is softening. Data from the US Bureau of Labor Statistics show that the consumer price index increased 8.5% YoY in July. This compares to 9.1% recorded in June.

The data has played well for the DeFi tokens. There is an increase in interest for riskier assets among investors. Apart from Aave, other major DeFi tokens are leading the recovery. Fantom and Uniswap have jumped 4.7% and 8.73% in the past day. While the asset class is responding in kind to the positive economic data, market-specific factors are also aligning.

During the 2022 Blockchain Futurist Conference, crypto executives cited the robust DeFi growth. Most analysts said that centralized financial institutions were playing a significant role in the expansion. The sentiment can be affirmed with a 5.73% jump in Aave TVL at $7.43 billion. The bull run is vivid in the short-term chart below.

AAVE/USD is bullish but faces immediate resistance at $118

Source: TradingView 

From the daily chart, AAVE moved from $44 on June 19 to the current price of $109. The surge represents a 147% gain in under two months. Further, the token is trading above the 9-day and 21-day moving averages. However, AAVE is approaching a resistance level.

At $118, AAVE could consolidate or make a retracement before any further uptrend. Nonetheless, the RSI is at 63. The reading, which is at the highest in five months, remains below the overbought zone. If AAVE fails to break above the $118 resistance level, it could retrace to $75 or $44 support.

Concluding thoughts

Aave token is leading gains in the crypto space. DeFi tokens are currently among the top gainers. The token could face resistance at $118. $75 and $44 are the key price levels that could present a buy opportunity.

The post AAVE faces immediate resistance at $118 – Which levels are key? appeared first on CoinJournal.

• Celsius has been facing bankruptcy which forced its native token CEL to tumble.

• CEL has risen by 100% in the past 7 days on a reported short squeeze.

• Analysts warn that the rally could wane due to the lack of fundamentals.

Celsius CEL/USD token is trading at $2.437 as of press time. The trading represents a gain of around 100% in the past one week. However, there are more red flags to caution investors than there are fundamentals.

The gains in Celsius token have largely been fueled by retail frenzy. A short squeeze Twitter campaign dubbed #CELShortSqueeze started on August 7, raising bull speculations. The retail frenzy comes amid recent liquidity troubles of Celsius that sent the token crumbling. The crisis forced the crypto lender to file for bankruptcy protection on July 13.

As price pumps, retail traders are reportedly snapping CEL tokens on FTX. The traders are reportedly trying to exert pressure on short sellers and force a short squeeze. Samir Kerbage, Hashdex’s chief product and technology officer, commented on the recent squeeze. Kerbage warned that the upside for CEL remains low since the rally is not fundamentally driven.

Celsius token shoots on a growing retail frenzy

Source – TradingView

Technically, the Celsius token is gaining and has already overcome the $2.0 support. A crossover of the 21-day above the 50-day MA affirms a bullish momentum. At the current price, CEL eyes above $3 next. 

Concluding thoughts

CEL is bullish, and investors would be better off buying above $2.0. However, there are more doubts than convictions. Celsius faces bankruptcy, and there are doubts the current rally is fundamentally driven. 

A retail frenzy on the token with an urge to force a short squeeze may also be unsustainable. Speculating on the crypto token is risky.

The post Celsius token jumps 100% in a week – Are the gains sustainable? appeared first on CoinJournal.

• Theta Network offers a video streaming service akin to YouTube

• The token has been under bearish pressure this year

• THETA broke above the consolidation zone in a potential bullish push

Theta Network token THETA/USD has been consolidating for the last three months. The token has barely surpassed $1.462 since mid-May. It trades at $1.6 in a bullish push likely to take the token to $2.2.

Theta Network is often labeled as the YouTube of blockchain. The label is derived from the fact that it is the only blockchain for decentralized video streaming. On its website, Theta Network refers to itself as the “next generation video and entertainment blockchain.”

Whereas Theta Token has been staging recoveries, dampened crypto sentiment remains a thorn. The token has lacked momentum of its own and has predominantly been moving with the market. The latest inflation data ignited expectations of a lesser aggressive Fed. The data is boosting cryptocurrencies, and THETA may not be an exception. A break above $1.45 is a bull call, but investors must remain cautious.

Theta token turns resistance into support in a bullish push

Source – TradingView

Theta token has turned the $1.45 resistance into new support. The token is now sliding to test the support before making the next move. 

The crossover of the 21-day MA above the 50-day MA is an indication of THETA bullishness. Both moving averages remain below the current price and offer support. The MACD indicator also remains bullish on THETA. 

Concluding thoughts

Investors should watch $1.45 for price action as the Theta token could begin a bullish reversal.

If THETA retests and starts reversal at $1.45, the next price is $2.2, the level lastly traded in May. However, we need to be aware of the overall crypto sentiment, which has largely driven the Theta token.

The post Is Theta token heading to $2 after the latest breakout? appeared first on CoinJournal.