Home
News
- After a long downtrend movement bulls have emerged to make a successful trend reversal over the daily and hourly graph.
- Price for the crypto asset surged 51% in 5 days.
- The AAVE/BTC pair is at 0.003252 BTC with a loss of 2.43% in it.
After a long downtrend the AAVE price is finally at an uptrend over the daily chart. This signifies the bulls have accumulated to rescue the coin and the price is now moving significantly high above the exponential moving average. This time it looks like the bulls have smashed the bearish dominance over the AAVE. If the situation continues the coin will recover soon as the price surged 51% in 5 days. It was a very difficult task for the bulls to make this trend reversal after the breakdown of crucial support of $100. The price made a lower low of $62.66 over the intra day trading session.
The current price for one AAVE token is trading at $69.18 with a gain of 1.37% in its market capitalization in the last 24 hrs. The coin has a trading volume of 210 million which is at a loss of 4.3% in the 24 hrs trading session and a market cap of 958 million. The volume market cap ratio for AAVE is 0.2171.
ALSO READ – Internet Computer Price: ICP Concolidates below the Descending Triangle Pattern
Short-term Analysis for AAVE
While analyzing the graph for a short term (4 hrs) we can observe the same uptrend movement. Whereas the volume is still moving below the average. This time the signal looks strong as we can observe a positive cross over the multiple EMA. We can also observe a positive crossover between MACD and MACD signal line, the gap between the 2 lines is getting broader along with the support of histograms. The relative strength supporting the above statement shows the increase in buying pressure. The RSI value for AAVE is nearly equal to 60.
The BB cloud is also moving along with the price without any negative crossover.
Conclusion
After a long downtrend the AAVE price is finally at an uptrend over the daily chart and the coin has successfully managed to accumulate its bulls. This time it looks like the bulls have smashed the bearish dominance over the AAVE as the signal for the bullish movement appears strong. The RSI value for AAVE is nearly equal to 60.
Technical levels
Resistance levels: $80 and $88
Support levels: $61.4 and $45
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
