RUNE, 1000SATS and AAVE Pace Crypto Market This Week With Double-Digit Gains

  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.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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