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- 1 The price of Aave is currently trading near $74.76 with a 12% drop in the 24-hour trading volume.
- 2 Aave price is up by 23.27% over the last 7 days.
Aave price prediction suggests that AAVE price could decline if it fails to break its present resistance zone. AAVE token is presently making a rally to retest its immediate barrier. Recently, the price of the Aave token saw a sharp decline in its value after breaking its support level near the $62.00 price point.
The candlestick pattern shows that there is a surge in demand for AAVE after it took support from the $8.00 level. Although, presently it is moving near a crucial supply zone, which may draw more sellers into the price action. Technical indicators such as support and resistance, oscillators, and EMAs suggest that bears still hold the market within their grasp.
The present value of AAVE is $9.785 (press time), It has a market capitalization of around $1.09 Billion which surged over the past few weeks.
Aave Price Prediction: Technical Analysis on 1-Day Chart
Presently, the AAVE token is testing its crucial resistance level near 200 EMA. If the price fails to break above the resistance level, it may decline by around 12% to 34% in the near future. The price action indicates that a bearish decline is more probable on a daily chart.
The RSI line has reached the overbought level on the daily timeframe. The current RSI value of the Aave token is 64.50 points whereas the 14 SMA is providing support to it at around 59.15 points.
Technical Analysis On Daily Chart Of Aave/BTC
The AAVE/BTC pair is presently showing a similar outlook as AAVE/USDT. Aave/BTC token is moving below the 200 EMA taking a retest from its previous resistance level. The AAVE/BTC token could decline by 32% if it fails to breach the current levels.
Investors may look out for reversal candlestick patterns that validate the exhaustion in demand such as spinning top, hanging man and bearish engulfing candle with the confluence of RSI and stochastic oscillators.
The RSI line is steadily moving toward the supply zone. At press time, the RSI is 63.40 points, whereas the 14 SMA is providing support to it at around 49.83 points. The stochastic RSI is at the overbought level of 97.18 points.
Conclusion
According to the analysis, Aave price prediction suggests that bears are prepared to step into the price action. Presently, AAVE token is moving near a crucial supply zone which may draw more sellers causing the price to see a further decline.
Technical Levels:
Support – $50.00
Resistance – $80.00
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
