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“Ghost”ing AAVE may not be favorable- Doing better than AAVE-rage

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AAVE Price Analysis
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  • Aave’s TVL continues to drop along with its revenue and fees.
  • A drop below $75 flips the market structure to bearish.
  • Some outflows from the exchange indicate a probable bullish mode.

Due to Tether FUD, more market enthusiasts are planning to short USDT, resulting in the APY for USDT Borrow. The AAVE USDT Borrow rate reaches 12.70% while the Compound USDT Borrow rate hits around 40%.

Also, there is currently a notion floating that the demise of FTX may have a more significant scare on Aave, as Alameda may be responsible for the thump after it obtained $250,000 USDT from Aave and traded it for cash. 

Some hope, or maybe not

Source: Tradingview

The charts show that the downtrend price may form a flag, indicating a bull swing if it breaks it, marked in white. The $57 level of support is being tested time and again. It may break through it and reach the $54 support level. The sales volume is quite volatile, with increasing and decreasing patterns. The Bollinger bands diverge sharply, with the price testing all levels of support and forming a downtrend.

Source: Tradingview

The RSI indicator seems to bounce back from the verge of being oversold and reaches the range of 30-40 but may take a rebound to the edge. It may rise to the range of 50-60 after reaching the edge once more. The MACD indicator is full-on bearish at present, with the signal line above it and a barrel of sales.it converges soon to tune the market in a bullish tone.

What just happened?

Source: Tradingview

The 4-hour POV shows the RSI indicator reaching back for the oversold zone and may even cross it, but it may retrace to the midzone in future dates. The MACD has taken a bullish turn with the signal line laying low and a glimmer of purchases.

Conclusion  

The market is currently surviving mini heart attacks and is looking for hope. Some turn out to be true, and some are just a hoax. But the partnership between Aave and Balancer could give token holders an opportunity to put their tokens to work rather than just holding on to them. It’s their choice to make.

Technical levels 

Support level: $56 and $46

Resistance levels: $102 and $105

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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