Biggest Moves: AAVE and ADA Remain Near One-Week Highs on Friday


Cardano hit a one-week high earlier in today’s session, despite cryptocurrency markets trading mostly in the red. Aave was also higher on Friday, with the token remaining close to its highest point from last week. At the time of writing, the global crypto market cap is 0.43% lower.

Gimbal (ADA)

Cardano (ADA) was one of the notable gainers on Friday, as the token hit a one-week high to end the working week.

After a low of $0.4596 in Thursday’s session, ADA/USD hit a high of $0.4816 earlier in the day.

Following today’s move, the token collided with its key resistance level at the $0.4790 point.

ADA/USD – Daily Chart

However, following this collision, the previous bulls appeared to retreat, liquidating their positions at this point of uncertainty.

At the time of writing, ADA is now trading at $0.4765, which is below the previously mentioned price cap.

The decline in momentum began when the Relative Strength Index (RSI) encountered its own resistance level at 44.

Until this hurdle is overcome, ADA will likely continue to trade at or below its current level.

Aave (AAVE)

Like ADA, aave (AAVE) was briefly higher in today’s session as it also remained near a one-week high.

AAVE/USD hit a high of $95.47 on Friday, which is close to its highest level since August 19.

The move was touched and moved slightly above its resistance level at $95.40, but as the session progressed, prices moved lower.

AAVE/USD – Daily Chart

At the time of writing, the token is now trading at $90.65, almost $5 lower than previous highs. This comes as the bears have returned to the market.

AAVE prices started falling after the RSI hit its high at 48.70, falling to a current level of 45.75.

The 10-day moving average (red) also continues to decline, which could be a sign of further declines to come.

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Will Aave break below $90 by the end of Friday’s session? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a brokerage manager, retail educator, and market commentator in crypto, stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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