- Bitcoin and Ethereum have remained in a consolidation phase in the past few days.
- Volume in both CEX and DEX exchanges has been a bit low recently.
- Skale Network, AAVE, and EthereumPoW tokens were among the best-perfomers.
The crypto industry has been characterized by relatively low volume and profit-taking among some high-flying coins like Solana and Avalanche. Bitcoin has remained in a consolidation phase at $43,000 while Ethereum is stuck at $2,300. The industry has also seen some pumps and dumps. This article looks at EthereumPoW (ETHW), Skale Network, and Aave.
EthereumPoW price forecast
EthereumPoW (ETHW) price has done well in the past few months. It soared to a high of $4.30, its highest point since February. This rally happened even after the developers voted to dissolve the team in a bid to achieve full decentralization.
On the daily chart, we see that the ETHW price has moved above the 50-day and 25-day Exponential Moving Averages (EMA). The token has also crossed the important resistance point at $3.724, its highest point on November 28th. Moving above that level is important since the coin invalidated the double-top pattern.
EthereumPOW price has also moved above the Ichimoku cloud indicator. Therefore, the outlook is bullish, with the next point to watch being at $5.26, the highest swing in February. If this happens, it means that ETHW will rise by almost 30% from the current price.
Skale Network price prediction
Skale Network has silently become one of the best-performing cryptocurrencies this year, helped by strong on-chain metrics. The token surged to a high of $0.09 on Thursday, 380% above its lowest point in 2023. This rally happened as on-chain metrics pointed to growing network activity.
SKL price has flipped the important resistance at $0.070 (November 21st high) into a support level. Like ETHW, the token has surged above the 50-day and 100-day moving averages, which is a positive thing.
The Average Directional Index (ADX) has risen and is nearing 40, meaning that the trend is strong. Also, the Relative Strength Index (RSI) has moved to the extremely overbought level of over 80.
Therefore, I suspect that the SKL price will retreat and retest the support at $0.070. A break and retest pattern is one of the most popular continuation signs.
Aave price forecast
Aave, one of the biggest players in the DeFi industry is doing well. The token surged to a high of $130 on Thursday, much higher than the 2023 low of $47. This rally after the launch of Aave Governance V3 on Boxing Day.
AAVE token price has surged above the 50-day and 25-day EMAs while the Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought level. The coin also rose above the upper side of the ascending channel.
Therefore, the outlook for Aave is bullish, with the next reference level to watch being at $150.
Read more: How to buy Aave.
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