en.cryptonomist.ch
The latest crypto market news: how are the coins Chiliz (CHZ), Celo (CELO) and Aave (AAVE) performing?
Below are their current price trends, forecast for future prices, and an overview of the latest news on them.
Analysis of the crypto assets Chiliz (CHZ), Celo (CELO) and and Aave (AAVE)
It is worth mentioning that CHZ is an ERC-20 token that runs on the Ethereum-based Chiliz blockchain. The token is used by users as currency to purchase NFTs on the Chiliz fan token marketplace.
Celo, on the other hand, is a platform that serves as a global payment infrastructure for cryptocurrencies and targets mobile users. To this end, Celo’s goal is for financial activity to be accessible to anyone globally through the ability to send payments to and from any phone number in the world.
Finally, Aave is a decentralized lending system that allows users to lend, borrow, and earn interest on crypto assets, all without intermediaries.
The price of Chiliz (CHZ) indicates strong bearish sentiment
We see that the crypto Chiliz (CHZ) was trading at $0.1011 on 1 January 2023, before moving to $0.1202 on 10 January. Since then, it has experienced extreme price volatility, peaking at $0.1577 on 8 February for the first time in 2023.
However, bears have prevailed on its price, bringing it back in recent weeks to $0.1075. In general, CHZ is in a descending momentum, forming its fourth consecutive red candle.
Indeed, it has fallen below its 50- and 200-day Simple Moving Averages (SMAs), a bearish sentiment for the short and long term. Moreover, the Relative Strength Index (RSI) is 28.15, firmly in the oversold region below 30.
This implies that the bears are in control of their price movement. The RSI is still moving downward, suggesting further price declines for the asset in the short term.
However, since the asset is oversold, a retracement is likely if it rises from its nearest support level.
In conclusion, we see that the Chiliz crypto is rapidly approaching the $0.108 support level and a drop below this will send the asset’s price into free fall to record lower lows.
The bears at the $0.11685719 resistance level are active and resistant to a surge of the asset. However, CHZ is already in the oversold region and is likely to reach a consolidation point soon.
Focus on the price of the crypto Celo, the comparison with Chiliz and Aave
Based on the latest data, we see that the price of Celo (CELO) is $0.548591 today, with a 24-hour trading volume of $11,381,694. This means that the price has increased by 0.07% in the last 24 hours and 5.71% in the last 7 days.
With a circulating supply of 500 Million CELO, Celo is valued with a market cap of $273,044,271.
As we know, the most popular exchange to buy and trade Celo is Binance, where the most active currency pair CELO/USDT has a trading volume of $1,965,625.
In addition, Celo’s daily volume is $11,381,694 in the last 24 hours, which represents a -42.90% from a day ago and a recent decline in market activity. Celo’s market capitalization is $273,044,271 and is ranked #134 on CoinGecko today.
Finally, we see that, with a price increase of 5.70% over the past 7 days, Celo is outperforming the global cryptocurrency market, which is up 1.70%, while underperforming against similar coins in the Celo ecosystem, which are up 18.20%.
In any case, the community is bullish, as more than 100% of users are optimistic about Celo (CELO).
Will bullish people support the recovery of the Aave crypto?
We see that the Aave crypto has fluctuated between the $60 and $65 price range in the past five days. In addition, the narrow range followed a breach below the March swing low of $65 on 8 May.
The slight bullish momentum after BTC’s move pushed AAVE’s price to the late February/April low of $65. However, the $65 range low could become a key hurdle to overcome for bullish traders to gain leverage.
In the chart we can see how the price action was below 20 and 100 Exponential Moving Average (EMA), reaffirming the sellers’ upper hand. In addition, the low $65 range could offer resistance to bullish efforts, especially if BTC fails to stay above $27k.
However, price rejection at $65 could bring AAVE down and retest the lower support level of $60. Consequently, any violation of the $60 level could plunge AAVE to $56 or the January low of $51.
Conversely, the above thesis will be invalidated if AAVE closes above $65. Logically, such a decisive daily candle closing above the range lows will rekindle the rising influence of the bulls.
However, they will have to clear the hurdles at 20-EMA ($67.2) and 100-EMA ($73.2) to aim for the late February/April highs of $84.
In all this, the Relative Strength Index (RSI) bounced just above the 25 mark, showing slight buying pressure. On the other hand, the Chaikin Money Flow (CMF) declined after rebounding from zero, highlighting that capital inflows have declined.