- AAVE price is declining through a falling wedge pattern over the daily price chart.
- AAVE crypto fell below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of AAVE/BTC is at 0.003007 BTC with an intraday drop of 6.74%.
AAVE coin price has been declining through a falling wedge pattern over the daily price chart. However, as a result of pressure from short sellers, the token is currently under the total influence of bears. Over the daily price chart, the token has been dropping since 2021 and is currently falling. The price movement of the AAVE coin indicates that AAVE bulls attempted to avoid the falling wedge pattern but were unable to hold at the edge of the pattern. For the token to break out of the falling trend, AAVE bulls must accumulate themselves at a large rate.
AAVE price is presently CMP at $60.22 and has lost 10.95% of its market capitalization in the last 24-hour period. However, trading volume has slightly increased by 3.43% in the intraday trading session. This means buyers are getting involved in the trade for AAVE coin. Volume to market cap ratio is 0.1697.
AAVE coin price falters to gain steady uptrend momentum over the daily price chart. However, the token is still declining through a falling wedge pattern and is returning from the upper trendline over the daily price chart. AAVE seriously needs to attract more buyers in order to escape the falling wedge pattern. However, volume change can be seen below average and needs to grow for AAVE to recover itself.
Support on the lower end is at $45.21 and resistance on the higher side is at $70.00.
What do Technical Indicators Suggest about AAVE?
AAVE coin price is trying to sustain at the upper trendline of the falling wedge pattern over the daily price chart. The token is trying to gain support from the buyers and is registering its return from the upper trendline. Technical indicators suggest the downtrend momentum of AAVE inside the falling wedge pattern. Relative Strength Index showcases the downtrend momentum of AAVE coin. RSI is at 39 and is below neutrality now AAVE investors need to wait for any directional change over the daily price chart to conclude the momentum of AAVE coin.
MACD exhibits the downtrend momentum of AAVE coin. The MACD line is heading towards the signal line for a negative crossover.
Conclusion
AAVE coin price has been declining through a falling wedge pattern over the daily price chart. However, as a result of pressure from short sellers, the token is currently under the total influence of bears. Over the daily price chart, the token has been dropping since 2021 and is currently falling. However, volume change can be seen below average and needs to grow for AAVE to recover itself. Technical indicators suggest the downtrend momentum of AAVE inside the falling wedge pattern. RSI is at 39 and is below neutrality now AAVE investors need to wait for any directional change over the daily price chart to conclude the momentum of AAVE coin.
Technical Levels
Support Level: $45.21
Resistance Level: $70.00
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
