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- AAVE price again got caught by short-sellers, meanwhile, AAVE coin broke the falling wedge pattern.
- According to the CMC, the market cap of AAVE coin has fallen by about 8.4% in the last 24 hours to $1.2 billion.
- The daily RSI moved towards the oversold area as its peak reversed from the semi-line.
AAVE investors attempted to reverse the bearish trend in May with solid bullish momentum. Meanwhile, the bulls recorded a perfect example of bullish stability on May 30, where AAVE price rose above the psychological round level of $100, but the altcoin was again caught by short-sellers.
Recently, the bears broke a falling pattern against the USDT pair. Thus last night the AAVE fell over 8% and reached the range bound area (gray box).
In the intraday trading session, AAVE represents a sideways market, where short-sellers are making good profits in options. Thus at the time of writing, AAVE is trading at the $88 mark against USDT.
Similarly, the bitcoin pair with AAVE coin is down 5.9% at 0.00301 Satoshis, as the market cap of AAVE coin has fallen by almost 8.4% over the past 24 hours to $1.2 billion, according to CMC. Along with the downtrend, the bears successfully replaced the $100 psychological level as the most recent and important resistance level.
AAVE price may stall due to short liquidations. A sudden turnaround cannot be expected until the daily volume bar is below the moving average (blue). Bulls may deposit coins to protect themselves from overselling.
Recovery can be expected ahead
As per the Bollinger Bands indicator, buyers are likely to attempt a bounce-back as the AAVE price is just above its lower bound. But on the other hand, if the price fails to stay above the $85 mark, a retest of the $80-support can be expected.
The RSI is supporting the bears by moving towards the oversold zone on the daily price scale.
Conclusion
A slight recovery in AAVE coin is likely next week as the price is above the lower levels of the Bollinger Bands indicator. But if the price fails to stay above the $85 mark, a retest of the $80-support can be expected ahead.
Support level – $80 and $60
Resistance level – $100 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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
