APE was up close to 30% on Wednesday, as the recently listed token climbed to its highest point since it began trading on March 17. AAVE also saw a double-digit percentage increase today, whilst ZIL extended recent gains.
AAVE was up by nearly 10% in today’s session, as prices rallied for a third consecutive session, following losses last week.
Tuesday saw AAVE/USD hit a low of $175.69, however today, prices surged to an intraday peak of $198.02.
This move saw AAVE climb to its highest point in two weeks, April 6 to be precise, where price was trading above $200.
Looking at the chart, this $200 mark has long acted as a resistance point, and this ceiling held firm today as bulls raced towards this level.
Bulls would have likely taken profits, as the 14-day RSI neared its own ceiling of 54.90, which hasn’t been broken in over a month.
Should this ceiling be broken, there is a strong possibility that prices could be heading towards $240, which seems to be the next key resistance point.
Speaking about resistance, ZIL rose to its own ceiling during Wednesday’s session, as traders extended yesterday’s bullish momentum.
Following a bottom of $0.1097 yesterday, ZIL/USD hit an intraday high of $0.1237 on hump-day, which is its highest level since last Thursday.
This high was also marginally below its long-term resistance level at $0.1260, which was last broken two weeks ago.
Several false breakouts later, ZIL is now once again back to this point, and bulls have so far been hesitant to act.
Looking at the chart, ZIL is now trading around $0.1203, which comes as bulls have likely liquidated earlier positions, giving way to bears in the process.
Despite this, bullish sentiment seems to be firmly present, and bulls may just be waiting for the right time to finally break this ceiling.
Will we finally see a breakout of this resistance level this week? Let us know your thoughts in the comments.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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