AAVE and FLOW Price Analysis as of January 30, 2024
Bitcoin witnessed a 5% surge in a single day, reaching a local high of $43,780 yesterday. Here’s an in-depth review of the market situation for Aave (AAVE) and Flow (FLOW) as of Tuesday, January 30.
Aave (AAVE)
After reaching a yearly high of $130 about a month ago, AAVE has undergone a corrective phase, currently standing at a 35% decrease. Recently, the asset managed to rebound from the support zone between $84.0 and $88.5, approaching the local resistance area of $93.6–$96.3.
AAVE's future movements will largely depend on Bitcoin's trajectory. If Bitcoin continues its positive trend, AAVE might aim to reach new local highs around $98.4, $101.32, and between $103.9 and $107.4.
Should Bitcoin's correction persist, AAVE could break through its current support zone, potentially declining toward the $80 level, targeted by bears.
AAVE chat on the H4 timeframe
Flow (FLOW)
Currently, FLOW is trapped between a support zone of $0.66–$0.71 and a resistance zone of $0.77–$0.81. Like AAVE, FLOW's performance is closely tied to the Bitcoin dynamics.
In an upward trend, FLOW could rise to the seller's level of $0.832 and might even test the resistance range of $0.86–$0.90. A firm stance above $0.90 could signify the end of its downward trend.
In a downward trajectory, FLOW could quickly fall to a new local low, potentially going below $0.638.
FLOW chat on the H4 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
- TOP 5 Useful Chart Analysis Tools on TradingView
- How Are Trading Volumes Useful in Cryptocurrency Analysis?
- Candlestick Patterns: Types and How They Work in Trading
- The Most Popular Chart Patterns for Crypto Trading
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