SushiSwap and Aave Record Over 7% Surge as DeFi Tokens Hike – Price Analysis

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Though the overall crypto spectrum flashed red over the previous 24 hours, some tokens embarked on their northward journey. SushiSwap gained around 7.1% within a day, while Aave noted a 9.6% surge in the same period.

Meanwhile, the coins had technicals flashing positive price movements on their charts. Also, the coins overcame their resistance levels, attracting buyers’ entry into the marketplace. Aave traded near $262.95 while SUSHI exchanged hands around the $10.77 mark.

AAVE/USD 4Hr Timeframe

The slight overnight recovery saw AAVE trading beyond the support of $231.5. According to the four-hour price chart, the altcoin stayed beyond the 20-Simple Moving Average. That way, the alt confirms more buyers in the market than sellers.

If the buying momentum persists, Aave can challenge the overhead hurdle at $286.8. Meanwhile, the asset’s support sat at $231.55. Crashing under this level might see AAVE closing at around $203.28. However, the crypto had flashed a bullish trajectory since 20 December. Nevertheless, Aave met downward actions but recovered within no time.

The RSI observed an upswing that reflected increased buying momentum as this indicator displayed bullish preference. OBV also supported bullish actions with an uptick, confirming more buyers than sellers in the marketplace.

SUSHI/USD 4hr Timeframe

SushiSwap (SUSHI) has had an impressive surge within the past week. Recently, the decentralized finance coin broke past the $9.9 level, hovering with double-digit gains at this publication. Meanwhile, pullbacks by the alternative currency will expose the immediate footing at $7.89.

On the other hand, SushiSwap has its overhead resistance at $10.88. Overcoming this obstacle will reveal another resistance near $11.59. The past week saw SUSHI on a 60.8% ROI, a massive figure compared to other top DeFi tokens.

The Relative Strength Index (RSI) was wavering around the 75 areas, indicating excess buying momentum as SUSHI observed overbought conditions while publishing this content. OBV remains on a steady climb, showing low selling volume as buying pressure and volume pick up. MACD indicated bullishness also with green histograms following a bullish crossover.

Has the awaited 2022 bullish cycle begun? You can use the reply area below to share your opinions.


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