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Altcoin Price Analysis 5/31: ADA, BNB, AXS, WAVES, and AAVE

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Altcoin Price Analysis 5/31: ADA, BNB, AXS, WAVES, and AAVE

Bitcoin is up by a strong 8.2% since the start of the week as the number one ranked cryptocurrency breaks back above $30,000 and attempts to create support at $31,000. With BTC/USD breaking out of its fortnight of consolidation, it seems that altcoins are also seeing some strong rebounds. 

Today, we will look at ADA, BNB, AXS, WAVES, and AAVE, to see where they might be heading this week.

Cardano Price Analysis

Cardano (ADA) is up by a huge 33% since the start of the week as the coin breaks above $0.6 to reach the current $0.65 level. The cryptocurrency dipped as low as $0.385 (Jan ’21 resistance) during the market capitulation in May and went on to establish a range between this support at $0.6. 

Today, ADA/USD managed to surge as high as $0.68 but has since dropped to the current $0.65 level.

Altcoin Price Analysis 5/31: ADA, BNB, AXS, WAVES, and AAVE

Image source: TradingView

Looking ahead, if the buyers continue to push upward from $0.65, the first resistance lies at $0.7. This is followed by resistance at $0.715 (bearish .382 Fib Retracement & 50-day MA), $0.75, $0.8 (falling trend line), and $0.817 (bearish .5 Fib Retracement).

On the other side, the first level of support lies at $0.6 (.382 Fib Retracement). This is followed by $0.568 (.5 Fib Retracement), $0.54 (.618 Fib Retracement), and $0.5. Additional support then lies at $0.468, $0.436, and $0.4.

The RSI recently crossed the midline, indicating bullish momentum has taken control of the market. 

Binance Coin Price Analysis

Binance Coin (BNB) is up by a smaller 7% over the past 24 hours but is doing well to hold above $320. The cryptocurrency dropped as low as $220 during the mid-May market capitulation but quickly rebounded and performed better relative to most altcoins. It would go on to reach as high as $340 (bearish .5 Fib Retracement) last week but would drop back to $300 over the weekend.

Yesterday, BNB/USD surged from $300 to the current $320 level.

Altcoin Price Analysis 5/31: ADA, BNB, AXS, WAVES, and AAVE

Image source: TradingView

Moving forward, the first level of resistance toward the upside lies at $340 (bearish .5 Fib Retracement). This is followed by resistance at $350, $356 (50-day MA & falling trend line), $368 (bearish .618 Fib Retracement), and $380 (200-day MA).

On the other side, the first support lies at $310. This is followed by $300, $293 (.382 Fib Retracement), $280 (.5 Fib Retracement), and $365 (.618 Fib Retracement).

The RSI is struggling to break above the midline, indicating that the buyers still do not have enough steam to push BNB beyond last week’s high. Momentum will need to build to break beyond $340.

Axie Infinity Price Analysis

Axie Infinity (AXS) is up by a strong 37% since the start of yesterday as the coin breaks back above $20 to reach as high as $28 today. The cryptocurrency fell as low as $16 during the mid-May market capitulation and went on to establish a range between $16 and $24 in the last fortnight.

This week’s surge allowed AXS/USD to break this range as it currently now sits at around $25.

Altcoin Price Analysis 5/31: ADA, BNB, AXS, WAVES, and AAVE

Image source: TradingView

Looking ahead, the first level of major resistance lies at $26.55. This is followed by resistance at $28 and $30.30 (bearish .236 Fib Retracement & 50-day MA). Beyond the 50-day MA, additional resistance is expected at $35, $39 (bearish .382 Fib Retracement), $40, and $42.85 (100-day MA).

On the other side, the first support lies at $24. This is followed by support at $22, $21 (21-day MA), $20, and $17.

The RSI recently poked above the midline to indicate bullish momentum has started to enter the market. 

Waves Price Analysis

Waves (WAVES) is up by an absolutely incredible 105% since the start of the week as the coin currently trades at around $9. WAVES/USD is in a different position relative to the entire market after creating fresh all-time high prices toward the end of March this year. 

After setting these fresh ATHs at $64, WAVES went on to fall through April — reaching as low as $12. During the mid-May market collapse, WAVES continued to slide as it broke beneath the August 2020 resistance to reach as low as $4.10.

Yesterday, WAVES rebounded above $4 to reach near $8. It continued higher today to reach as high as $10.50, where it found resistance at a bearish .5 Fib Retracement level. It has since dropped to $9.12.

Altcoin Price Analysis 5/31: ADA, BNB, AXS, WAVES, and AAVE

Image source: TradingView

If the buyers continue to drive WAVES higher, the first level of resistance lies at $10. This is followed by $10.50 (bearish .5 Fib Retracement), $12.05 (bearish .618 Fib Retracement & 50-day MA), $13, and $14.20 (bearish .786 Fib Retracement).

On the other side, the first support lies at $9. This is followed by support at $8, $7.11, $6 (21-day MA), and $4.82 (August 2020 resistance).

Aave Price Analysis

Aave (AAVE) is up by a very strong 25% since the start of the week as the cryptocurrency currently battles with the $120 resistance. AAVE/USD fell as low as $65 during the mid-May market collapse but would go on to rebound higher back above $80. Last week, AAVE managed to break the range at $80 to briefly break above $100. 

Yesterday, AAVE surged from the 21-day MA, at around $95, to push higher and reach the current $120 resistance. Today, AAVE spiked as high as $125 but is still battling $120.

Altcoin Price Analysis 5/31: ADA, BNB, AXS, WAVES, and AAVE

Image source: TradingView

(50-day MA). This is followed by resistance at $140 (bearish .382 Fib Retracement), $144 (100-day MA), and $163 (bearish .5 Fib Retracement).

On the other side, the first support lies at $110. This is followed by support at $100, $94 (December 2020 resistance), $87.5, and $80.


Source: ethereum.today

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