•AAVE/USD is currently priced at $61.03 and has decreased by 2.50% over the past day
•The trading volumes have increased by 42.04% over the last day
•The trading volumes suggest the bearish momentum to continue
Short Term View: Bulls struggle to broker peace as Aave falls
The Aave price today is $61.03 USD with a 24-hour trading volume of $332,817,035 USD. Aave Coin is down by 2.50% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.3928 for the altcoin.
The price action for Aave Coin shows that the bears are in control of the market, with the technical indicators suggesting that the selling pressure is intensifying. If the momentum sustains, it could see Aave encounter support at $58. A break below the said support would likely see accelerated losses in Aave prices. The resistance is placed at $65 in the event of a trend reversal. The strong bearish sentiment is depicted by the coin trading below the 20 and 50 SMA on the four-hour chart.
Long Term View for Aave Coin
The Relative Strength Index (RSI) for Aave Coin has dived into the oversold territory and is currently transacting at 27.41. A bearish crossover was seen on the daily chart two days ago which resulted from increased selling pressure. The red histograms are increasing in size, which shows the increasing strength of the bearish rally, as the MACD line continues to trail the signal line in the negative territory.
Conclusion
Aave is currently stuck in a downtrend and the support for the altcoin lies at $59, a level which is of utmost importance to the bulls. Strong repulsion from this level could suggest that the bulls are trying to accumulate at lower prices.
Support: $59
Resistance: $65
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.