Bitcoin maintains its position between the previously highlighted support and resistance levels. Dive into a detailed market breakdown for the cryptocurrencies Lido DAO (LDO) and Aave (AAVE) as of Wednesday, September 13.
Lido DAO (LDO)
While the overall trajectory of the LDO token has been positive, it has been in a declining trend since March 2023. At present, the asset sits within a support bracket of $1.42-$1.46. If the buyers fail to uphold this range, we could witness the LDO price revisiting local lows at $1.38 and $1.3.
For an upward pivot, the buyers face a multitude of resistance barriers. A significant marker, dense with sell orders, is set at $1.53. Beyond this point lies a band between $1.62-$1.69, followed by a resistance pegged at $1.73. The trend is likely to remain bearish as long as the token is priced below $1.8.
LDO chart on the H4 timeframe
Aave (AAVE)
Both global and local trends for AAVE are bearish at the moment. The asset is currently trading within the support zone of $50.34 to $52.70. Should the BTC correction persist, AAVE is at risk of dipping below the psychological level of $50. In such a scenario, a buyer's reaction could be anticipated at the $49 mark.
The prevailing resistance is situated between $55.81 and $57.88. If this seller's zone is overcome, the asset might continue its upward trajectory toward the $59.72 to $61.8 range. The local downtrend can only be considered broken once the price firmly establishes itself above the $65 level.
AAVE chart on the H4 timeframe
Today at 12:30 GMT, the next Consumer Price Index, indicating the rate of inflation in the US, is expected to be released. Typically, Bitcoin responds to such events with pronounced volatility. Given the strong correlation between altcoins and BTC, other cryptocurrencies are also likely to exhibit notable price swings. It would be prudent to minimize risks during today's trading session or even consider refraining from transactions altogether.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
