Aave Price Analysis: AAVE fails to recover from the sell-off, what is the next buy or sell strategy?

• Again AAVE coin got rejection near falling trendline, hence price declined by 4% in intraday trading session.
• The 20-day exponential moving average appears to be an important resistance area as the daily price reverses course from here.
• The AAVE with the bitcoin pair is trading down 0.5% at 0.003352 Satoshis.

Since yesterday AAVE coin is moving towards horizontal range.

The AAVE coin has once again fallen below the conceptual round level of $100, which has now become a short-term obstacle. Similarly, the altcoin has been going downwards for the previous nine months within a descending parallel channel pattern. The cryptocurrency received a 72% discount when it approached the support line near the $65 mark during the most recent bear loop, which began around $260. (90 days low).

During downtrend, the daily price has been remaining below the down sloping trendline (yellow), and recently buyers got a rejection near this bullish hurdle last night. 

At the time of writing, AAVE coin is trading at $97.2% with a drop of 1.7% in the last 24-hours. Thus, the Market cap is remaining at $1.3 Billion as per the CMC. Moreover, the AAVE with the bitcoin pair is trading down 0.5% at 0.003352 Satoshis.

The daily trading volume showing increase in volatility in AAVE coin. Meanwhile, the trading volume lost by 10% over the last night. Similarly the Volume to Market Cap ratio is 0.1661. 

Sell before scary fall 

In terms of the daily price graph, buyers are facing trouble near the 20 day exponential moving average. The 20 EMA will be the first bullish barrier during the bounce-back.

Meanwhile, the RSI indicator failed to move above the 50 mark, which shows another sell signal.

Conclusion

AAVE Coin may continue the downtrend this week as long as the daily price action does not move above the 20 EMA. Also the bulls need to be strong.

Support level – $80 and $60

Resistance level – $110 and $140

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

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.