The quick gains and effortless profits had attracted many towards the memecoin space. New tokens were constantly been launched and within a few moments faced a massive rug pull. The latest example of CAR or LIBRA has shaken the trader’s confidence over these types of memecoins, as they have been squeezing out the liquidity from the top ones like Dogecoin, Shiba Inu, or Pepe.
Meanwhile, a notable shift in sentiments has been witnessed among the market participants as they are again focusing more on fundamentals. The presumed dead token, like Cardano & Aave, has been attracting massive attention. Here’s what to expect from these tokens ahead.
Cardano (ADA) Price Analysis
After marking the highs above $1.2, the Cardano price has remained stuck within a bearish, descending parallel channel. The token has rebounded from the lower support of the channel and is heading towards the average bands. A rise above the range is expected to push the price towards the resistance, which is located above the psychological barrier at $1. Meanwhile, breaking above the channel may only trigger a bull run towards new highs.
There are two major reasons to be bullish on Cardano: the rising RSI and bullish Ichimoku clouds. The conversion line and the baseline are about to undergo a bullish crossover while the RSI remains incremental. This suggests the bulls are gaining back control over the rally that may push the price above $0.86, which could push the levels beyond $0.9. Previously, the ADA price has failed to sustain above this range and hence, if the bulls manage to hold the rally, a rise above $1 is imminent.
Aave (AAVE) Price Analysis
The Aave price underwent a parabolic recovery after reaching the bottoms from the ATH above $660. Earlier, the price attempted to rise above $400 but the rise in bearish activity dragged the levels lower. However, the price has initiated a strong rebound, which suggests a rise to the pivotal resistance zone between $400 and $430 is imminent.
The weekly chart of AAVE displays the very first bullish crossover between the weekly 50-day & 200-day MA levels. The impact has also been seen as the price has rebounded from the parabolic curve, which may push the prices towards the resistance zone. Meanwhile, the RSI, which had dropped below the support, is gearing up, and once it surges above the range, the AAVE price may begin a fresh rise and mark new highs above $700.
