Maker (MKR), Compound (COMP), and Aave (AAVE) Price Analysis – March 11,2021
Maker, Compound, and Aave, the three largest lending decentralized financial platforms running on the Ethereum blockchain, have dropped in value in the past 24 hours, with a decrease of 3.35%, 3,75%, and 6.34% respectively.
Maker (MKR) Price Analysis
At the time of writing, Maker decreased by over 5.39% in the last 24 hours and had slightly dropped around 1.64% within the 7 days. Maker(MKR) was trading at $2,188.91.
Source:MKR/USD Daily via TradingView
After the bulls tried to touch their all-time high(ATH) of $3077 on February 20, but failed to break through the obstacles of the bears and closed a long upper shadow, its daily chart highlighted the negative trend. The subsequent candlesticks fluctuated in the Exponential Moving Average ribbon and failed to stand above the 9-day Moving Average, indicating signs of bearishness.
But investors need to pay attention to the fact that yesterday, MKR showed a green Doji pattern, which suggests that the situation may change in the near future.
The blue MACD line is approaching the yellow signal line, showing that bearish momentum is slowly reversing for MKR.
If today’s bearish volume could be increased compared to the previous few days, then the MACD line and Signal line may run below the zero axes, indicating that the shorts are still controlling the market. The 30-day Moving Average of $2181 will become a support level. If the bears manage to force the price down to this level, then $1955.8 will be the next strong support level to look out for.
On the contrary, if a long green bullish candlestick can be shown today, then MACD will likely form a golden cross above the zero axes, which is a strong bullish signal. In the future, MKR has the likelihood of re-testing its ATH of $3077.
Compound (COMP) Price Analysis
Source:COMP/USD Daily via TradingView
Judging from the daily candlesticks, since March 1, Compound (COMP) has successfully regained the 20-day Moving Average line, and the currency has been trading in the range of about $460-$500. At the time of writing, COMP is trading at $472.52.
From a technical perspective, according to the Fibonacci Retracement levels that indicate where support and resistance are likely to occur, the Compound bulls failed to break through the 23.6% Fibonacci Retracement level of $483. From the Stoch Stochastic RSI, the K-line (blue) failed successfully crossed the D-line (yellow) and downward from the 60 mark.
Both lines are developing downward. In the short term, it should still be in a short-lived bearish market. The first support level is the 38.2％Fibonacci Retracement level of $428. If COMP can stand over $428, then the bulls will still control the whole market and the price will not correct sharply.
If the bulls fail to maintain this level, then the bears will suppress COMP's price, forcing it to test the next support level of $383.57.
Aave (AAVE) Price Analysis
Source:AAVE/USD Daily via TradingView
Aave(AAVE) decreased by over 4.49% in the last 24 hours and Aave is currently the No.18 cryptocurrency by market cap at $5,097,478,218. The trading volume for Aave over the last 24 hours is $421,052,800.
Yesterday, March 10th, Aave(AAVE) showed a long bearish candlestick, with a drop of 8.43%. At the time of writing, Aave is trading at $472.52 - the bears are retesting the 20-day exponential moving average line.
From a technical perspective, according to the Fibonacci Retracement levels that indicate where support and resistance are likely to occur, if the bulls fail to maintain a 20-day exponential moving average of $400, then the bears will suppress AAVE's price, forcing it to test the next support level of $370.38. If COMP can stand over $370.38, then the bulls will still control the whole market and the price will not correct sharply.
From the Stochastic RSI indicator, the K-line (blue) crossed the D-line (yellow) formed a death cross, and was not being traded in the overbought zone. Both lines are developing downward. In the short term, a short-lived bearish market should still be expected.
The first support level is the 38.2% Fibonacci Retracement level of $428. If Aave can stand over $428, then the bulls will still control the whole market and the price will not correct sharply. Otherwise, if AAVE falls below $428, the DeFi token will retest the golden ratio of the Fibonacci Retracement level at $320.29.
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