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- AAVE has diminished from its high of $619 to a low of $468 within 24 hours
- The AAVE/BTC pair is trailing at 0.010 with a gain of 2.09% at press time
- AAVE has a private pool for institutions testing Defi
AAVE was successful in establishing an ATH of $640 in Wednesday’s intraday session. However, the bull rally was interrupted because of a huge sell-off resisting the coin to breakout from the tight rangebound territory. As mentioned above, AAVE has been compressed inside the tight consolidation range from the moment it arrived at its previous ATH, which was about three months back.
According to pivot points, the critical support level is placed at $289, which has been back-tested thrice due to the triple top pattern demonstrated by the price action. The current price of AAVE is at a low of 19% from its ATH, and investors can expect a breakout any moment as the stochastic RSI has also entertained a bullish cross on the daily chart.
AAVE is currently ranked #27 with a live market cap of $6,790,652,666 and a market dominance of 0.31%
The 20 EMA swooped in to save the day
AAVE/USD witnessed a fall of almost 15% today, driving the asset to expose the 20 EMA as a significant support zone. A pullback was expected once we confirmed bearish divergence on the 4-hour chart. AAVE is anticipated to exhibit a rebound from the FIB 0.5 as it is in confluence with the 20 EMA.
A decisive close above $536 (FIB 0.618) would permit AAVE to escape from the rangebound territory. However, if the asset fails to sustain above the FIB 0.5 extension, investors can expect a bearish crossover in the upcoming week.
The technical indicators are demonstrating a strong buy signal for AAVE, as evidenced by the RSI, which keeps hollering towards the oversold territory during press time.
On the contrary, MACD is suggesting an impending bearish crossover as indicated by the histogram, which continues to diminish.
CONCLUSION: AAVE turned out to be an exceptional performance while most altcoins declined due to Elon Musk’s ‘U’ Turn decision. Even though AAVE tanked during the first half today, the altcoin maintained its bullish bias and witnessed a quick recovery, unlike other altcoins. The bullish momentum for AAVE is intact, and investors should only take long positions once this token breaks out from the rangebound territory and retests that resistance as support.
Stani Kulechov, the founder of AAVE, took to Twitter to confirm that AAVE is testing a private pool for institutions.
SUPPORT : $289
RESISTANCE : $562 and $640
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
