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- 1 Aave price (AAVE) slid 0.33% in the last 24 hours and is currently trading at $63.67.
- 2 Aave (AAVE) whales data states that whales hold a total of 52.9% of the supply with a significant decrement of 2.1% over the past 1 year.
Aave (AAVE) is a DeFi protocol that allows users to lend and borrow cryptocurrencies without intermediaries. It is based on Ethereum but also supports other chains like Polygon and Avalanche. Aave has innovative features such as flash loans, rate switching, and collateral swaps. It is governed by a DAO and the AAVE token.
The Aave price is currently trading at $63.67 with a decline of 0.33% in the past 24 hours. AAVE holds a total market cap of $925.12 Million and ranks 45th in the crypto market.
AAVE token has a trading volume of $87.67 Million with an incline of 4.54% over the past 24 hours. It has over 14.50 Million tokens in circulating supply. The volume-to-market cap ratio of the AAVE token is 9.49% which indicates mild volatility in the market.
Aave Price Prediction Using Price Action Strategy
The Aave price prediction reveals that the token has been in a long-term correction phase declining 25.4% over the past 6 months and a decline of 14.42% observed in the past month. the price seemed to be correct by suffering multiple rejections from trendline resistance and surged to the lower demand zone.
Recently, The price of Aave took a rebound from the demand zone and managed to break above the trendline resistance, but then faced a correction due to profit-taking and market volatility. The price found support at the previous swing high and halted its downward journey and is consolidated.
Based on the technical analysis and the Aave price prediction from various sources, the price of Aave is expected to remain in the correction phase and show volatility until the price trades below the trendline resistance. If the price sustains near the current level and surges to make a breakout then the price may experience some trending move and investors may look for some investing opportunities.
AAVE Price Forecast from Indicators’ point of view
As per the EMA analysis, the AAVE price suffered rejection from the 200 EMA indicating a lack of buyers at the higher levels.
At the time of publishing, the RSI value of the AAVE token is 39.01 and that of the SMA line is 45.88. RSI is declining suffering rejection from the SMA line showing the negative sentiment in the market for now.
Conclusion
Aave price prediction concludes that The Aave token has been declining for six months and faced resistance from a trendline. The price bounced back from a demand zone, but then corrected again and found support at a previous swing high. The price is expected to be volatile and corrective until it breaks above the trendline. The long-term outlook for Aave is optimistic, with some forecasts reaching over the $100 Mark if breaks above the trendline resistance.
Technical Levels
- Support levels: $63.68 and $47.16.
- Resistance levels: $83.38 and $96.43.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
