Litecoin, Aave, Dash Price Analysis: 08 April

Litecoin and Aave were forced to move back to a region of demand after the bearish sentiment of the past two days. Dash also dipped to find strong support at $245, but a session close under this level will likely see the price move to $206.

Litecoin [LTC]

Litecoin broke out of a symmetrical triangle upwards, but the selling pressure of the past few days saw LTC unable to hold on to the $230-level. It was forced to drop back into the demand zone at $220, with the next support levels at $200 and $180.

The 4-hour chart showed the RSI above 50 – A defense of $220 and a move to $230 would suggest that the bulls are gaining strength once more. Scaling into long positions at the $220 and $195-levels can be an option for longer-term trades.

Aave [AAVE]

The 20-EMA (white) dove under the 50 EMA (yellow) in response to the selling pressure of the past few days and AAVE slipped beneath the $386-support to bounce off the 38.2% retracement level at $344.

In blue is the range that AAVE has traded within for nearly six weeks, and its mid-point was found at $358, making the $244-$358 a region of demand at the time of writing.

The OBV showed a floor, and moving under this would see a drop beneath $300. However, the risk of that was not yet evident since the OBV appeared to be on an uptrend over the past two weeks.

Dash [DASH]

DASH was trading within an ascending channel (blue). The mid-point of this channel has served as dynamic support and resistance. It was flipped to resistance after the recent drop from the channel’s upper boundary to find support at $245.

The Directional Movement Index did not show a strong trend in progress as both the -DI (pink) and +DI (blue) were beneath 20 while the ADX (yellow) was dropping as well. The Chaikin Money Flow dipped below +0.05 to show that capital flow to or from the market favored neither buyers nor sellers.

A drop under the channel will likely see DASH retrace its recent gains and move to $206, the 38.2% retracement level.