1 AAVE showed selling pressure and faced rejection in the last sessions. 2 Bulls are losing their strength, resulting in a correction over the top. AAVE price showed rejection and bearish cues on the top facing selling pressure near $85. In the past sessions, AAVE surpassed the 2...
- 1 AAVE showed selling pressure and faced rejection in the last sessions.
- 2 Bulls are losing their strength, resulting in a correction over the top.
AAVE price showed rejection and bearish cues on the top facing selling pressure near $85. In the past sessions, AAVE surpassed the 200-day EMA and showed bullishness. The price caught momentum and escaped the resistance level of $80. Afterward, sellers aggressively showed their strength and forced back the bulls from the $85 level. After that, a steep decline was noted, and the price again retested the 200-day EMA.
AAVE price is now at a make-or-break level. if it bounces near $70, it will go up to $80, followed by $85. On the other hand, if it slips below $70, sellers wil become active, and the correction would extend to $60. Moreover, the battle between the bulls and bears is exciting, but the price stays at 200-day EMA, waiting for a decisive move.
The chart shows a rising parallel channel with the price trading at the middle of the channel and taking rejection from the channel highs. Although AAVE is trading at its strong support range, it is challenging for the sellers to drag below it. Moreover, the price found support multiple times, and buyers attempted to regain their strength.
At press time, AAVE price is trading at $74.14 with an intraday gain of 4.94%, showing a neutral chart structure. Moreover, the intraday trading volume increased by 6.56% to $125.11 Million, and the market cap is $1.08 Billion. The pair of AAVE/BTC is at 0.00250 BTC.
AAVE on Daily Charts At 200 Day EMA
On the daily charts, AAVE price is trading inside the channel and the 200-day EMA acts as support that paused the correction from the top. As per the Fib levels, AAVE price is trading above 38.2% but is unable to escape the 50% which acted as a barrier. Moreover, the price trades near the mid-Bollinger band and shows a neutral structure.
Per the technicals, AAVE price shows bearish cues, signaling sellers’ attainability from past sessions. Sellers persisted in making short positions and forced the token price to sink below the 200-day EMA, but bulls held it tight.
Short Term Charts Shows Bounce From Support Zone
On the 4-hour charts, AAVE price bounced from the support zone, and buyers were willing to grab the highs again. Moreover, the price is trading near the trendline, which may result in momentum shifting of bulls if it breaks.
The RSI curve sharply rose toward the overbought zone, and a positive divergence was noted on the charts.
The MACD indicator noted a bullish crossover and green bars reflecting the intraday bounce and positive outlook for the following sessions.
Conclusion
AAVE token price is hovering near the 200-day EMA which acts as support. The price rebounded from the 200-EMA in the last session. Buyers are willing to go above the immediate resistance of $80 and try to go toward the round mark of $100.
Technical Levels:
Support Levels: $65
Resistance Levels:$88 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.