XRP, AAVE and IOTA Price Analysis: 31 January 2021
Continuing its upward movement, XRP is trading near the $ 0.444 resistance as of the time of publication. AAVE is in the parallel channel with an unlikely breakout potential in the coming sessions, and IOTA is following a horizontal course with support at $ 0.416. According to the technical analysis of Saif Naqvi from AMBCrypto:
While XRP has gained over 50% in the last few sessions, it has continued its upward movement on the charts. Yesterday, the price reached a level of $ 0.5, a level not seen since the US Securities and Exchange Commission filed a lawsuit against Ripple Labs. During the past 7 days XRP who earn more than 60%, the top 10 by market value crypto money up to get our weekly gain between Altcom’s happened.
The gains, on the other hand, were supported by a stream of buyers, and this was clearly observed in the Equilibrium Trading Volume (OBV) index moving north on the charts. Although the Relative Strength Index (RSI) is moving in the overbought territory, the reversal seems to be delayed as trading volumes are strong and buyers are abundant in the market. XRP may continue to trade near the instantaneous resistance before falling lower on the charts.
AAVE took a slightly lower move but remained within its rising channel. Overall, AAVE has been in an uptrend for the past 30 days and gained over 200% last month. Also, as the Relative Strength Index (RSI) is not yet at the critical threshold, the uptrend may continue in the next few sessions.
In such a situation, AAVE could break above the parallel channel and rise to new record highs. On the other hand, the bearish scenario in AAVE could cause the altcoin to drop to the $ 248 support. Although the Awesome Oscillator (AO) has also recorded some bearish movement, the momentum does not seem strong enough to warrant a move below the current channel.
IOTA, which was rejected from the $ 0.437 resistance level, ended its losses with the support at $ 0.416 as trading volumes recovered in the past 24 hours. The Awesome Oscillator (AO) was also priced at a bullish momentum but was unlikely to break above the current resistance level without a strong acceleration shift towards the buy side. Therefore, some consolidation can be expected in the short term and IOTA could move between immediate support and resistance levels.
The Chaikin Money Flow (CMF) settled just above the half line, showing that capital inflows were suppressed. If the index goes down, the price could follow the same and cause a bearish move on the charts.