AAVE and TRX are past their correction phases and will rebound in the next few sessions. The Aave token has flipped from the downside mark of $80 and made a double bottom. It will stretch the buying momentum and might reach the $100 mark soon.
Tron looks bullish and is decisively sustaining gains above the key EMAs, reflecting the buyer dominance. Per the price action, these two crypto assets are looking strong on the charts and might outperform this summer.
Unveiling Price Action of Aave (AAVE) and Tron (TRX)
On the daily charts of AAVE and TRON, the price action highlights that the token price trades close to the downward trendline and might flip the trend ahead.
A break and close above the $90 mark would validate the bullish momentum soon and the token might revert the trend soon.
Source: Santiment
Analysts believe that AAVE token might cross the trendline mark and will demonstrate breakout soon.
$AAVE looking really nice here, pushing for the breakout on the local downtrend: pic.twitter.com/5zmEfzw8Iu
— Crypto Rand (@crypto_rand) May 17, 2024
Source: X
Going forward, the TRX looks bullish and trades in an uptrend, sustaining above its key EMA mark. Moreover, the crypto asset will retest the 52 week high mark of $0.1500 soon.
What Does Social Insights Reflect?
The Social volume of AAVE token highlights a notable decline over 22.90% and slipped to 1 mark, while TRX showed a rise of over 1.90% to 3.
Source: Santiment
Going forward, the futures open interest of AAVE token represents fresh long buildup activity and spike in the open interest over 4.17% to $38.12 Million.
While short covering was noted on the futures derivative data of the Tron (TRX) crypto and it might stretch the ascent ahead.
Source: CoinGlass
Development Activity Insights
The AAVE token displays a significant upmove in the development activity and relates the investor speculation. While, TRX crypto displays a sharp drop in the development activity, which is a primary concern of the investors.
Source: Santiment
The immediate support levels for AAVE is $80 and $78, whereas the key upside hurdle is around $92, followed by $100. While TRX has an immediate support of $0.1200 and $0.1170, the resistance levels are $0.1380 and $0.1500.
Conclusion
The AAVE and TRX crypto might gain pace and will replicate the outperformance ahead. The trend is positive and these crypto assets are looking bullish on the charts.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
