Daily Analysis of AAVE, ETH, and XRP on 8th June 2023

Summary

After a strong beginning of the week, the crypto market has taken a turn for the worse, with AAVE, ETH, and XRP all seeing significant decreases in price. While AAVE continues to hold above $50, both ETH and XRP have fallen below key support levels, with XRP sitting at just over $0.50. The overall market trend remains down, though there are some signs that the worst may be over for the short term.

AAVE

AAVE is currently trading at $58.77, down 4.98% in the last 24 hours. AAVE has been in a steady decline since mid-March and is currently down over 20% from its high of $74 reached just a few weeks ago. The recent sell-off has brought AAVE below its 200-day moving average (MA), a key support level, though it has held above $50 so far.

The MACD (moving average convergence divergence) indicator is currently in a bullish configuration, though with a downward trend. The Relative Strength Index (RSI) is currently 51.5 in neutral territory.

AAVE is currently in a short-term downtrend, though both the medium- and long-term trends are down. The Average Directional Index (ADX) is currently at 18.5, indicating a weak trend.

ETH

Ethereum (ETH) is currently trading at $1,827, down 3.15% in the last 24 hours. ETH has followed a similar trend to other major altcoins in recent weeks, falling sharply from its all-time high of $2,151 reached in early March. The sell-off has brought ETH below its 200-day MA, though it has so far held above $1,700, a key support level.

The MACD is currently in a bullish configuration, though with a downward trend. The RSI is currently at 69.6, indicating an overbought condition.

ETH is currently in a short-term uptrend, though both the medium- and long-term trends are down. The ADX is currently at 40.1, indicating a strong trend.

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XRP

XRP is currently trading at $0.517, down 2.51% in the last 24 hours. XRP has followed a similar trend to other major altcoins in recent weeks, falling sharply from its all-time high of $0.587 reached in early March. The sell-off has brought XRP below its 200-day MA, though it has so far held above $0.50, a key support level.

The MACD is currently in a bullish configuration, though with a downward trend. The RSI is currently at 69.3, indicating an overbought condition.

XRP is currently in a short-term uptrend, though both the medium- and long-term trends are down. The ADX is currently at 40.6, indicating a strong trend.

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