- AAVE coin price has retraced back to the lower levels after a short correction in price. It might test the $250 mark in future.
- The technical indicators of AAVE suggest a strong downside momentum in price for the future. Meanwhile, the AAVE/BTC pair has observed a loss of more than 3% in the past 24 hours
AAVE coin price is seeing a fall in price after a recovery to the higher levels in the past trading session. The asset price is currently trading near the value of $270 with a loss of more than 8% in the past 24 hours. The network is a decentralized protocol which helps their users to borrow or lend money to other people..It has seen huge gains since its launch and has made various investors profitable along the line. The ROI of the coin is more than 65000% which has benefited several classes of investors. AAVE crypto price bears are pushing it to the lower levels. One can invest in AAVE as per the price action and risk adversity.
AAVE token market dominance along with its CMC ranking has seen a decline but can soon revert to the previous level. The coin has to travel more than 55% of its current value to reach its all time high. Volume to market capitalization ratio of AAVE price hints towards a strong downside momentum in future.
AAVE Coin Price Bears Are Trapping It Down
The weekly technical chart of AAVE coin price hints towards a strong downtrend in price for the future. On coming to the daily chart AAVE price has formed a bearish engulfing pattern after a strong correction. AAVE price is currently trading below the 50 and above 100 Daily Moving Average and can also see a negative crossover in the past.The 100MA line is near $310 making it a temporary bounceback zone.The upside trend of AAVE can see a hostility near $400 and on the down side price can observe a bounceback near $250 .AAVE price may see the continuation of downtrend in future. If the price jumps 15 to 20% above the current level then a strong bullish trend can be seen in future. AAVE/BTC pair can also see a strong paced recovery in upcoming days.
Conclusion
AAVE coin price is currently seeing a downside momentum on the daily chart and can soon test the lower levels . One might forecast a strong recovery in future in price. AAVE/BTC pair can also test the lower support in upcoming days.
Technical Levels
Major Resistance :$300
Major Support:$200