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- 1 The AAVE price is currently trading at $78.98 while seeing a change of 2.53% in 24-hour trading volume.
- 2 The AAVE price is observing a decline of 1.22% in the last 24 hours.
- 3 AAVE price might soon make a bearish reversal
The AAVE price is currently trading near a severe resistance zone around $0.79 near the 200 EMA. The investor’s sentiments regarding the AAVE price are currently bullish although that might change as the sellers may soon step in if the buyers did not support the price above current levels. If the price does take a rejection successfully from the current levels it may make a bearish correction of 20%.
In February, Aave protocol, of which AAVE is the native token, announced a much awaited a upgrade – V3. The upgrade included new security features including the ‘isolation mode.’ Another new feature in the protocol is the facility to transfer assets across markets across different blockchains. Another new feature is the High-Efficiency mode which enables users to lend and borrow assets that are pegged at similar rates (like most stablecoins)
As predicted by our analysts in a previous analysis, AAVE price made a correction of 14 percent after taking a rejection from $79.0. In the following analysis, our analysts predicted that, after the correction, the price may make a bullish reversal. This was proven correct when after the correction the price made a bearish rally of 15 percent.
AAVE Price Faces Resistance From its Previous Resistance (Daily Timeframe
Seller and buyer pressure is equal for AAVE at the moment. On some of the cryptocurrency exchanges the buyers are controlling the price while on others sellers are maintaining their control according to Coinglass. The market sentiments have been trading around the greed zone for the last couple of days.
Technical Analysis ( 1 Day Timeframe )
The RSI line is currently above the median line where it has recently crossed above the 14 SMA. The current RSI value is 56.43 points which is trending above the 14 SMA. At present, the value of 14 SMA is 47.66 points. The slight curve in the RSI line suggests that it could retest the 14 SMA.
Conclusion
The current price action suggests that the price could soon make a correction. AAVE price is currently facing resistance from the 200 day EMA which is a critical resistance level and the price has failed, several times, to cross it. If the price is rejected from the current level, it could make a downturn of 21%.
Technical levels –
Support -$65.5
Resistance – $80.0
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.
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.
