RUNE, SATS and AAVE Pace the Market | Credit: Derek Fenech
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Key Takeaways
THORChain (RUNE) leads the crypto market gainers between Aug. 9-16.
SATS (1000SATS) has trended upward since bouncing on July 4.
Aave (AAVE) is attempting to break out from the $110 horizontal resistance.
The bulk of the crypto market recovered after the sharp plunge on Aug. 5. At first, the increase was formidable, causing several cryptocurrencies to recover all of the losses from the previous week.
However, another gradual decline started on Aug. 9. As a result, the price action in the past seven days has been bearish.
Despite this trend, RUNE, SATS and AAVE have experienced a turnaround, posting a positive performance with increases that are in the double digits.
Let’s look at their price movement this week and make projections on whether they can repeat their performance next week.
RUNE Leads Crypto Market Gainers
RUNE was the biggest gainer in the market between Aug. 9 – 16, increasing by 15%. The upward movement has been ongoing since Aug. 5 and caused the price to reclaim the $3.20 horizontal support area.
The price of RUNE previously broke down below the area, so the reclaim is a favorable sign that can have positive repercussions for the future trend.
On top of this, the MACD has been creating a bullish divergence (green) for nearly two months leading up to the increase and then made a bullish cross.
So, the price action and MACD both suggest the reversal has started.
However, RUNE still follows a descending resistance trend line that has existed since May. So far, it has made four unsuccessful breakout attempts.
Until the price breaks out, the bullish trend reversal cannot be confirmed. If that happens, RUNE would likely increase toward the next resistance of $4.75.
Conversely, a rejection can lead to a retest of the $3.20 area.
SATS Creates Higher Low
The SATS price has increased alongside an ascending support trend line in July. Unlike the rest of the crypto market, SATS created a higher low and a bullish candlestick on Aug. 5 (white icon), validating the support trend line.
After the bounce, the price of SATS made an unsuccessful attempt at a breakout above $0.00000033. This is an important resistance area that has existed since June.
Despite the failed attempt, SATS has created an ascending triangle, considered a bullish pattern. Therefore, an eventual breakout from it is the most likely future outlook.
However, SATS could see more short-term downside toward the support trend line before eventually breaking out in September.
AAVE Attempts Another Breakout
AAVE has increased inside an ascending parallel channel since April 13. During this time, it has validated the channel numerous times, creating long lower wicks (white icons). The biggest wick was on Aug. 5, which nearly created a bullish hammer candlestick.
The AAVE price movement is similar to SATS since they both created higher lows in August. AAVE has also been gradually increasing since the middle of April.
Besides the channel, AAVE also faced resistance at $110. It seemed to break out on July 30 (black circle) but failed to do so, deviating above the resistance area and then falling below it.
Currently, AAVE is making another attempt to break out from the $110 area. Whether it does or gets rejected will be key in determining the future trend.
So, despite their increases in the past seven days, neither RUNE, SATS nor AAVE have a decisively bullish-looking chart that would point to similar gains next week.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
