- AAVE Coin Price has formed a temporary support level in the bearish parallel channel
- MACD and Stoch RSI show neutrality for the coin on the hourly timeframe
- Volumes for the coin have declined over the last couple of months consistently
AAVE Coin Price has taken support at $ 138 on the daily chart as it trades in the downward sloping parallel bearish channel. The coin has been in the bearish channel for the last two quarters and it looks to continue on this trend over the next few trading sessions. The Bollinger Bands have been narrowing down over the last couple of weeks and this indicates consolidation for the coin. It remains to be seen how the coin behaves at the support and resistance levels of the channel.
AAVE Coin Price is in a bearish phase on the hourly chart over the last few sessions. The coin just broke short-term support on the chart and it remains to be seen if the coin will reverse to a bullish pattern. The MACD (Moving Average Convergence Divergence) indicator indicates neutrality for the coin. The Stochastic Relative Strength Index (Stoch RSI) indicator indicates neutrality with a bearish for the coin over the next few sessions. The volumes have been coming in at a healthy level for the coin.
Conclusion:
AAVE Coin has been on a bearish channel for the past several months and looks to continue training in the channel. However, the coin might consolidate in the near term given the convergence of the Bollinger bands.
Support: $ 138
Resistance: $ 175
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
