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ANALYSISBitcoin Cash, Aave, Maker Price Analysis: 30 March

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Avatar for babyRose
Written by   2
2 months ago

Bitcoin Cash awaited strong cues to climb above the coveted $600-mark. Aave could move south and towards the $304.2-support level if the price fails to breach its overhead resistance. Finally, Maker was projected to move rangebound in a region that underlined equilibrium between buyers and sellers.

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Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Bitcoin Cash was trading below its 200-SMA on the 4-hour timeframe, something that has been a recurring theme during the month of March. Recapturing the $507.5-level and flipping it to a support line was a bullish development, but further signals are needed for a comeback above $600. The ADX pointed south from 17, a sign that the bulls were losing strength in the market.

While the MACD did rise above the half-mark as BCH scaled past $500, the index’s histogram noted weakening momentum at the time of writing. A bearish crossover in the same would likely lead to a breakdown from its press time support.

Aave [AAVE]

Source: AAVE/USD, TradingView

Aave saw buying activity around the $304.2-support as the price pushed north, but some resistance was seen at the $358.6-price level. The next few trading sessions could confirm or reject the breakout from the aforementioned ceiling, and the latter outcome would likely lead to a dip towards $340.

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The OBV registered higher highs as buying pressure drove the price north from levels last seen during the late-February pullback. The targets for the bulls resided around the $400-mark, while the next one was at $446.8. On the downside, the Stochastic RSI reversed direction from the overbought zone and hinted at a pullback for Aave.

Maker [MKR]

Source: MKR/USD, TradingView

Maker was rejected by the market’s bears as the price approached the upper ceiling of $2,271.5, a region that has been difficult to breach during March. MKR’s press time channel has largely shown equilibrium between the buyers and sellers, and the same can be expected moving forward. The MACD line was superimposed on the Signal line, but there was some bullish presence in the market,

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The RSI pointed north from 60 and a move towards the overbought region, although unlikely, would likely result in an upwards breakout. The next resistance line rested at $2,398.9, and the end of the consolidation period would likely push the cryptocurrency towards that level.

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