- 1 AAVE price defends $65 support and bounces back with higher momentum.
- 2 AAVE crypto breaks narrow range consolidation between $75 to $90.
- 3 AAVE price slipped below 50 and 200 day EMA.
AAVE price recovered approximately 18% from a recent low may have showed initial signs of a short term bullish trend reversal. AAVE crypto has not generated high returns in the past couple of months but its price remained stable and less volatile as compared to its peers.
AAVE price is currently trading at $75.5 with an intraday loss of -0.66% and 24-hour volume to market cap ratio at 0.0819. The pair of AAVE/BTC is trading at $0.003097 with an intraday loss of -1.74%. In mid-January, AAVE crypto price broke out of the swing hurdle at $65.00 which triggered the short covering and prices started expanding on the higher side.
AAVE crypto bulls also managed to push the price above the 50 day EMA and turned the short term trend in upward direction. Later, AAVE price rallied 44% approx and also succeeded to sustain the price above 200 day indicating bullish momentum. However, the rally halted at the pre FTX collapse level at $95.00 which will act as a strong supply zone for the bullish traders. Later, AAVE price consolidated for a few weeks in the range between $75.00 to $90.00 and the bulls were unable to give the follow up momentum. At the beginning of March, AAVE price broke down the lower range and slipped below the 50, 200 day EMA which initiated further decline.
Will AAVE price reach the previous high of $95 ?
AAVE price retested $65.00 and attempted to break the support. Luckily, market sentiment improved and AAVE crypto defended $65.00. Recently, prices bounced back with strong momentum and tried to reclimb the 200 day EMA. However, the bears seem to be active on the higher levels. AAVE price is expected to consolidate in that range. Technical analysis suggests that AAVE crypto may reach the previous high at $95.00 only when prices sustain above 200 day EMA. Therefore, presently the price is in the grip of the bears but if overall market sentiment improves, then we might see AAVE participate in the rally.
AAVE crypto technical indicators show that bears are stepping back and some relief rally is possible. However, AAVE price action shows that the recent bounce is temporary and prices might show reversal. The MACD curve is trying to generate a positive crossover but the confirmation is still awaited. RSI at 48 sloping North reflects a tug of war between bulls and bears.
AAVE price recovered around 18% form the recent low and defended the $65.00 support level showing that buyers are active at the lower levels. However, technical analysis suggests that AAVE crypto is still in bearish grip and that it will be difficult for AAVE to hold at the higher levels.
Resistance levels : $95.00 and $115.00
Support levels : $60.00 and $50.00
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.