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- 1 The Aave was at $82.90, increasing 1.30% during the intraday trading session and trading above the primary resistance.
- 2 The 24-hour low of AAVE was $81.84 and the 24-hour high of AAVE was $83.85.
- 3 The Aave token price is above 20, 50, 100, and 200-Day EMA.
The pair of AAVE/BTC was trading at 0.002731 BTC with a rise of 1.21% over the intraday trading session.AAVE token price decline in early 2022 indicated the seller’s dominance. Bulls joined after it crossed secondary resistance, but sellers took over at the 200-Day DMA, pushing it below primary resistance. Token began consolidating between secondary support and resistance, with sellers pulling it to a 52-week low at the end of the year 2022.
Since the beginning of 2023, the token began rising and surpassed its primary support to reach its primary resistance at $93.7.However soon after getting rejected from the secondary resistance level of $90.744, the token experienced a downtrend. After recovering from the prior downtrend the token began consolidating between its primary resistance and the secondary support.
Aave price prediction suggests that now that the token is past its primary resistance level due to the help of buyers, the token may experience a significant upward rally over the daily time-frame chart. If there is sufficient demand from the buyers to drive the price upwards, there is a possibility of an increase in the price of AAVE in the coming days.
The trading volume of the token decreased by 16.81% in the last 24 hours, indicating no relationship between the trading volume and the price of AAVE, indicating a possible bearish reversal.
Aave technical analysis:
The Relative Strength Index (RSI) is increasing in the overbought zone and has shown a positive crossover. This suggests the buyers are in the majority of the market and pushing AAVE upwards. The current value of RSI is 62.11, which is above the average RSI value of $55.89.
MACD and the signal line are increasing over the daily chart which supports the RSI claims. However, the MACD and the signal line are above zero which indicates bullish intent.
Conclusion
Aave price prediction suggests that now that the token is past its primary resistance level due to the help of buyers, the token may experience a significant upward rally over the daily time-frame chart. The sudden decrease in the trading volume suggests a lack of confidence among traders.
Furthermore, both RSI and MACD are increasing and have shown a positive crossover over the daily time frame chart which shows strength in the current bullish trend.
Technical Levels-
Resistance level- $82.377 and $90.744
Support level- $74.011 and $67.376
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
