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- AAVE may retest $100 if the shorter period Moving Average (MA) continues to outpace the longer term MA.
- PEPE may hold strongly to $0.000001 but it could soon be overbought.
- UNI’s potential to reach $6 remains very valid based on the AO and MACD.
The trio of Aave (AAVE), Pepe (PEPE), and Uniswap (UNI) were part of the top cryptocurrencies bought on exchanges on November 9. This data was disclosed by hitesh.eth, a crypto research specialist on X (formerly Twitter).
According to hitesh.eth, PEPE had a net flow of $4.74 million. AAVE has $3.2 million while UNI has $2.64 million. The CEX netflow measures the difference between exchange inflow and outflow.
A positive netflow means there is more accumulation than sell-offs while a negative value of the metric implies that tokens are being dumped than they are bought. In the case, of AAVE, PEPE, and UNI, the analyst noted that it was more of an accumulation.
Top 5 Coins Investors bought on Exchanges Yesterday.(Metric: CEX Netflow)– $MC: $35M (Possibly by Treasury)– $PEPE: $4.74M (Possible Accumulation) – $AAVE: $3.2M (Possible Accumulation)– $UNI: $2.64M (Possible Accumulation)– $GALA: $0.9M (Possible Accumulation) pic.twitter.com/hdOqbZigPu— hitesh.eth (@hmalviya9) November 10, 2023
Typically, accumulation means the market is preparing for an upswing, and if the buying pressure intensifies, it could positively impact the price action.
AAVE
The AAVE/USD daily chart showed that there have been inconsistencies with the price action. AAVE’s trading price at press time was $97.97. This value represents a 52.13% hike in the last 30 days.
But between that rise, there has been some downward movement of the token. For instance, AAVE fell from $92.17 to $89.01 on November 2. Fast forward to November 10, the token got rejected at $100.84.
However, the rejection of AAVE around the price above does not confirm that the price would continue to decrease. In fact, a look at the Exponential Moving Average (EMA) showed otherwise.
AAVE/USD Daily Chart (Source: TradingView)
As of this writing, the 20 EMA (blue) was above the 50 EMA (yellow). This trend is considered bullish. If accumulation continues, then AAVE may be back above $100 in no time.
PEPE
Next on the list is PEPE whose price action has been bullish for most of the last seven days. At press time, PEPE changed hands at $0.000001. Furthermore, the Relative Strength Index (RSI) was 65.71.
The RSI reading indicates there were still a lot of buy orders for PEPE at the time of writing. If the buying momentum continues, then PEPE may rise well above $0.000001. The expansion of the Bollinger Bands (BB) also indicated that there may be significant price fluctuations, possibly to the upside.
PEPE/USD Daily Chart (Source: TradingView)
However, traders need to watch out for the 70.00 RSI reading. Should the RSI hit the aforementioned point, then it could be a time to exit long positions that may have been opened by traders.
UNI
For UNI, the Moving Average Convergence Divergence (MACD) showed that the value may rise much higher than $5.27. This was because the 12-day EMA (blue) had jumped above the 26-day EMA (orange).
This trend signals increasing upward momentum. So, market players may need to avoid opening short positions for the main time. The projection was also confirmed by the Awesome Oscillator whose reading was 0.71 at press time.
UNI/USD Daily Chart (Source: TradingView)
Should the MACD and AO continue the upward movement, then UNI has a chance of reaching $5.50.
The post AAVE, PEPE, and UNI Are Tokens to Keep an Eye On, Here’s Why appeared first on Coin Edition.