Tron (TRX) and AAVE Technical Analysis: What to Expect?
Table of contents
Tron (TRX)
The smart contracting platform, Tron, competes with Ethereum, using TRX as the internal currency. Gamers widely use it.
Past Performance of TRX
As per the candlestick arrangement in the daily chart, the coin is trading within a bullish breakout pattern.
Despite the contraction of prices on August 7, the sharp pullback on Monday validates last week's gains, fanning demand for the coin.
At the time of writing, TRX is relatively stable versus the greenback, but trading volumes are decent.
Day-Ahead and What to Expect
The path of the least resistance is northwards.
With a defined trajectory and decent trading volumes, every contraction may offer a loading opportunity as long as prices are above July 2021 highs of around $0.07.
TRX/USDT Technical Analysis
Buyers are in the driving seat, reading from price action in the daily chart.
At the same time, the underlying TRX momentum is strong now that bull bars are banding along the upper BB.
As a result, technically, every low could offer a loading opportunity for risk-off TRX traders targeting $0.17 in the medium term.
On the flip side, a sharp contraction reaffirming the double-bar bear reversal pattern of August 6 and 7 invalidates the bullish breakout pattern of early August 2021.
AAVE
The protocol is for lending and borrowing assets known best for the "flash loan" innovation. AAVE is the governance token.
Past Performance of AAVE
AAVE prices are firm as per the candlestick arrangement in the daily chart.
As of writing, prices are up six percent versus the USD. However, the uptrend is valid.
Accordingly, aggressive AAVE buyers can scoop the dips above the middle BB and $300.
Day-Ahead and What to Expect
AAVE token prices are on an uptrend, with buyers in the driving seat.
Noticeably, the middle BB is positively inclined in the daily chart, suggesting a shift in momentum in favor of buyers after a sustained period of depressed price action.
Provided $300 holds as the immediate support line, buyers have a chance.
AAVE/USDT Technical Analysis
The upsurge above July 2021 highs is with an uptick in trading volumes, confirming AAVE bulls.
Also, since there has been a follow-through, the odds of AAVE/USDT prices floating to $585 remain high.
Because of this, AAVE buyers may scoop the dips, targeting $585 as long as prices are trending above July 2021 highs.