Home
News
- AAVE coin continues to trade under the consolidation range, however, the breakout of the accumulation zone is expected soon
- The coin is trading above the 50 EMA, in the daily timeframe, with declining volume.
- The pair of AAVE/BTC is trading at 0.007937 BTC, with an intraday move of -3.15%.
AAVE coin price has formed a beautiful flag pattern, in the weekly timeframe. The price had started an uptrend and created subsequent higher highs before undergoing this accumulation zone. The price is trading above 50 EMA (yellow) and 100 EMA (green), in the weekly timeframe, implying the uptrend is still intact. Investors must note the declining weekly volume before making a decision. The live AAVE price today is $433.64 with a 24-hour trading volume of $546,521,948. The coin price has dropped 9.82% in the last 24 hours. With a live market cap of $5,415,286,692, AAVE ranks at #34.
AAVE is currently under consolidation and has been moving in a range between $300 to $550. The price could give a breakout soon but the direction might not be bullish. The coin price is expected to hit the $900 mark. As per the pivot points, the level of $190 is the immediate support level below the accumulation zone, whereas, the level of $625 provides the resistance above the consolidation range.
The price is slightly above 50 EMA (yellow) in the daily timeframe. Breakout of this zone, supported with the major EMAs, can be beneficial for investors.
The RSI (bearish) indicates bearish momentum, in the daily timeframe, while trading at 51. The RSI line is dipped and heading lower. Bearishness can be expected from RSI until it reaches near 44.
The ADX indicates a weak trend momentum, while it is trading at 17, and the slope in ADX is moving sideways.
Conclusion- Accumulation zone of AAVE is getting bigger every week, which increases the possibility of an even bigger move. However, the declining volume and the bearish RSI, oppose the bullish sentiment. Investors might want to wait till a proper breakout is performed.
Support – zone near $300 and $190.
Resistance- zone near $550 and $625
