Cryptocurrency Price Analysis: BAL, SUN, REEF, AAVE

LAGOS (CoinChapter.com) — The bearish trend witnessed across the cryptocurrency space continued today as the market once again traded below the $1trillion benchmark. Notably, over the past 24 hours, the broader cryptocurrency market dropped by 2%, with the market cap now at $954 billion.

Bitcoin price on the day was trading in the red zone, losing value and exchanging hands at around $19,000. Many altcoins also exhibited similar patterns and nearly flatlined, but Balancer (BAL), among other tokens, surged impressively.

Here are several coins traded in the green zone on the day, although forming different patterns.

1. Balancer (BAL) Daily Price Chart

Balancer (BAL) price defied the bearish sentiment across the digital asset market and rallied over 12% on the day. As a result, BAL attained a 30-day high to reclaim the $6 benchmark again.

Notably, the recent token rally resulted in an overbought relative strength index. If BAL performance continues in this pattern, it could surge to a yearly high, breaking well above the current resistance support at $8.

It is worth noting that the RSI is a momentum indicator that reflects the market’s best entry and exit points. When the RSI charts over 70, the investors expect the price appreciation to reverse, constituting a profitable market exit. As more traders exit, the price declines.

2. Sun Token (SUN) Daily Price Chart

Sun Token (SUN) traded at $0.0069 on the day ending its four weeks bullish run. The coin at the time of writing was down by 8% and seems to be rallying for support.

However, SUN has rallied moved by 22% in the past week. The long-term token sentiment remains bullish, and SUN could hit $0.013 in 2023.

Meanwhile, SUN has a market cap of $5.8 billion, ranking it the 15th largest cryptocurrency. The coin has plunged by around 75% year-to-date, replicating the bearish sentiment reported across the cryptocurrency space.

3. Reef Finance (REEF) Daily Price Chart

Reef Finance’s native token REEF prices have been on an uptrend since October 6, with the token jumping from a monthly low of $0.0047 to an intraday high of $0.00726 today.

If the uptrend continues, REEF prices would first target resistance near $0.1. Afterward, the token could move and consolidate above the $1 benchmark. However, a downtrend could see REEF prices falling to support near $0.0050 before recovering.

Additionally, Reef has earned a Neutral rating on the Investors Observer Sentiment Score over the last five days. The Sentiment Score measures the performance of Reef over the past five days by volume and price movement.

4. AAVE Price Prediction

Aave (AAVE) price has been increasing since October 13. The upward movement is projected to continue until at least $90.50 to $96.50 and possibly higher.

AAVE has been decreasing underneath a descending resistance line since reaching an all-time high price of $668 in May 2021. The downward movement has led to a minimum price of $45.60 in June 2022.

However, AAVE’s price has been increasing since and managed to break out from the bearish line in July. Although, it has yet to initiate an upward movement and is trading close to its pre-breakout levels.

Additionally, despite its recent performance AAVE is likely to initiate a bullish reversal, ending the current downtrend. Notably, looking at the Aave price chart, one can forecast huge gains in the coin near term.