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- 1 AAVE price is currently trading under the Bear’s influence while facing a heavy selloff
- 2 AAVE price took severe rejection from the 200 EMA
AAVE is currently trading under the bear’s influence after facing rejection from the 200 EMA. After making a doji candle which is a bullish candle and is often seen at the beginning of a changing trend and taking support from $10.00 AAVE has gained 51 percent after consolidating for a little while AAVE broke the resistance around the 14.80 level following which the AAVE price made a bull run of 70 percent. But after taking a correction of 18 percent AAVE started moving within a range around the price 28.75 to 20.00 level.
AAVE price taking critical rejection from the 200 EMA (Daily Timeframe)
The overall market sentiments have taken a bearish turn where the market sentiments are bowing towards the seller’s side. According to the site Alternative.me the current value of the greed and fear index is trading around 33 points on the fear side seeing a decline of 16 percent since the last week when the index was trading around the neutral levels of around 50 points. Although according to the Coinglass site which provides cryptocurrency exchange information the bulls are currently overpowering the market by 50 – 51 across the major cryptocurrency exchange platforms although the bears are attempting to take the rains back.
Technical Analysis on ( Daily Timeframe)
The price is currently trading under a bear trend under the 200 EMA. After trading under a bear trend the 20 EMA crossed over all the major key averages and attempted to cross over the 200 EMA. But after getting rejected from the 200 EMA the AAVE crossed below the 100 EMA and made a downturn of 30 percent.
The RSI line after moving on a downtrend is currently trading near the demand zone around 36.82 points in accordance with the ongoing price action. While the RSI line is providing resistance to it at around 36.82 points.
Conclusion
After making a bullish rally of 31% AAVE price made a bearish candlestick pattern of dark cloud cover after which it is often found at the beginning of a bearish move. Hence the price made a bearish correction and made a downturn of 25 percent after breaking the support from $20.00 the price made an extremely bearish candle and lost 15% of its value. Although currently, the price is trading in a downtrend and the price might still move in the ongoing trend.
Technical levels –
Support – $14.80
Resistance – $ 20.00 and $27.19
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
