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Friday, May 24, 2024

Crypto Price Analysis: Aave, Monero and Enjin


Aave appeared to cool off from its all-time high as buying activity and trading volumes fell slightly over the past 24 hours. However, momentum was still strong on the bullish side and an extended rally could see AAVE hit cooler highs in the coming sessions. On the other hand, a drop below the $ 244.9 support could indicate a reversal and a shift in momentum towards the bears.

The Awesome Oscillator showed that momentum remained strong on the bullish side.

Although the In equilibrium volume moved slightly lower in recent sessions, it still presented a healthy number of buyers in the market.


Despite Enjin falling by more than 13% from its all-time high, the price of the gaming token soared 184.5% in the past 30 days. The uptrend can also be seen on the charts as ENJ reached higher highs and lows. While the bulls were in control of the market, some selling pressure was observed in recent days as the price traded near the $ 0.402 support. A deeper correction could cause ENJ to drop below its support level at press time and move towards the next barrier at $ 0.375.

Although the Stochastic RSI was trading in the oversold zone and seemed poised for a reversal, a bearish crossover meant that the index could stay in the area before changing direction.

the SAR Parabolic Markers points were above the candles, a sign that NRA was bearish in recent days.

Enjin currency made headlines recently after it was granted legal status by the Japan Virtual Currency Exchange Association, Japan’s crypto regulator. The platform also announced a listing on Coincheck, a Japanese exchange platform.

Monero succumbed to another support level as the price moved below $ 134.4. Aave pulled back from record highs, but the market still belonged to the bulls and the price could climb to cooler highs in the upcoming trading sessions. Finally, ENJ showed signs of a bearish retracement and a move south could make the price test the $ 0.375 support level.

Monero (XMR)

After falling below the $ 152.7 mark, Monero fell below several support levels and was unable to revise the levels seen in mid-January. A look at its 4-hour chart showed a bear market for XMR as the price traded below the 200-SMA (green). The downtrend also had a negative price result, as XMR found itself among the top losers for the month. At the time of writing, the price had slipped below another support level at $ 134.4 and was heading towards the next line of defense at $ 128.8.

The MACD’s bearish crossover suggested that sellers might control the price in the future.

The Relative Strength Index headed lower towards the oversold zone, underscoring the price weakness.

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