- AAVE token bears reclaim the 20-day EMA
- The AAVE/BTC pair was trading at 0.007765 BTC with a loss of 4.81%
- The 24hr trading volume in AAVE token is $393.9 Million
The AAVE token has shown a steady uptrend in the chart, charging towards the higher price levels of its chart. Furthermore, the price is currently giving a minor pullback, which should be a healthy task for a long bull run. Thus, the traders can use the Fibonacci retracement to locate a probable support level from which the price can bounce. However, the first defense line of FIB, i.e., 0.236, has been breached, and the price continues to move lower.
Concerning the EMA’s, the AAVE token is trading higher than the critical EMA’s 20, 50,100, and 200, indicating a bullish trend formation. However, the token’s price has given a bearish breakdown from the 20 EMA line.
The RSI (NEUTRAL) current value is 49, indicating a neutral sentiment in the AAVE token.
AAVE Token Gives A Breakout Down From The Double Top Pattern
The AAVE token price showcased a breakdown from a double bottom pattern in the 4hr time frame. The pattern had its neckline a the 380 level, and after providing a proper breakdown, the price is falling back to the bottom support of the $344 mark. The current price of the AAVE token is $3369.8, with an intraday loss of 2.09%.
The moving average convergence/divergence(MACD) indicator (BEARISH) shows both the MACD and signal lines have just dropped below the neutral zone(0.00), indicating bearish momentum in the price. Moreover, the indicator also shows rising red bars on the histogram chart, encouraging the bearish momentum.
Conclusion: From the technical perspective, the AAVE token has shown a remarkable rally in the chart, attracting the trend traders to enter the coin market. However, as mentioned above, the price is giving minor pullback, and thus, AAVE traders can wait until the price takes proper support from strong support.