- The trading volume of AAVE token in the last 24hr at the time of writing this article is -12%
- The price of AAVE/BTC and AAVE/ETH at the time of writing this article is 0.005239 BTC and 0.07987 ETH
- The price is taking support on the 50MA
LONG TERM VIEW:-
In the daily time interval we can see that the price is taking support on the 20MA and the 50MA has crossed the 100MA in a downward direction which is a bearish sign. Looking at the MACD we can see that it is showing green histograms as the MACD line is above the Signal line and no sign that the line will change its directions. Having said that, we can see the RSI is in the neutral zone near 47.78 and now the RSI is pointing to the oversold zone of 30 which means the bears are winning the fight against the bulls.
SHORT TERM VIEW:-
In the 4hr time interval we can see the Price is taking support on the 50MA as there is a long wick which means the bulls are pushing the price up and not ready to give up. The price is also near the Support to see if the price will be able to sustain on the Support or not, Let’s have a look at the technical indicators, first we can see the MACD which is showing green histograms as the MACD line is above the Signal line but the MACD line has started to change its direction which means the it will cross the Signal line soon. In addition to that we can see RSI is in the neutral zone near 53 and it is pointing towards the oversold zone which means the Bears are winning the Fight. Lastly we can see that the 20MA is below the 100MA and below the 50MA but we can see the 20MA is changing its direction and will soon cross the 100MA which is a bullish sign
CONCLUSION:-
Looking at both the long term and short term we can see that the trend is bearish as the 50MA crosses 100MA in a bearish movement. Change in the 4hr at the MACD line which is going to cross the Signal line which is a signal for the bears to start selling so the price will come down to the Support and then they can bounce back but it will depend on the volume of the bulls.
RESISTANCE:-$314,$330
SUPPORT:- $290,$275
