While Bitcoin reaches the peak level of 2023, the total value of the cryptocurrency market is very close to breaking the record of the year. BeInCrypto Analyst Valdrin Tahiri commented on the BTC and AAVE charts.
Last week, Bitcoin rallied as high as $31,431, creating a massive bullish candle. Valdrin states that the leading cryptocurrency, which retreated a little after, is moving within the long-term resistance at $ 30,000:
“This region is very critical. If Bitcoin breaks successfully, there can be a sharp rise to $ 47,000. However, if it fails to close above $31,000, there may be a pullback to the $21,500 support.”
AAVE Reached Resistance
Valdrin states that AAVE price has been falling below the descending resistance line since early June 2022. This line received numerous confirmations, most recently on February 16, and on June 10, the price dropped to $47.30.
However, as a result of the bounce at this point, the analyst thinks that $52 has been confirmed as support. On June 25, the price reached the high resistance at $76.90:
“If AAVE breaks the resistance, a rapid increase to $100 can come. However, if it is rejected, it will test the $52 support.”
Disclaimer: In accordance with the Trust Project guidelines, this analysis paper is for informational purposes only. It should not be considered as investment advice. BeInCrypto is committed to providing accurate and unbiased reports, but market conditions can change quickly. It is always recommended that you do your own research and consult a professional before making any financial decisions.