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AAVE Price Prediction 2023: Can AAVE Coin Break Resistance, Rise?

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Aave Price Prediction: Will AAVE Reach $75 Mark in this Pattern?
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Aave Network crypto plummeted by 3.18% in market value and surged by 31.72% in trading volume in the last 24 hours, as per the Coinmarketcap a crypto data analysis website. Its market value is $868,958,065 and its trading volume is $83,566,710. There are 14,519,922 AAVE in circulation.

Aave coin’s (AAVE) open interest is $37.11 Million. As per Coinglass, another crypto analysis website, it fell by 2.21% in the previous session. The long versus short ratio in Aave crypto for 24 hours is 0.9612. The total number of short positions added in the last 24 hours is $5.82 K against longs of $259.11 K.

1Inch (AAVE) has a fully diluted valuation (FDV) of $957,589,998. This is a hypothetical market cap, assuming all 16 Million AAVE tokens are circulating today. This is according to the crypto information and data website Coingecko. However, reaching the actual FDV may take years, depending on how the AAVE tokens are distributed over time.

The AAVE coin has not performed well in the last month, decreasing by 19.89% and plummeting by 31.69% in the last six months. Aave Network (BITFINEX: AAVE) coin has a positive year-to-date return of 66.50% and a negative one-year return of 45.85%.

AAVE Coin Price Technical Analysis in the 1-Day Timeframe

AAVE coin price showed a downward trend for the past month, decreasing by 19.89% during this period and the price fell from $87.70. 

At the time of publication, the AAVE Coin price is trading at support around $59.50, and the price completed a bearish pattern by giving a breakdown from the head and shoulder pattern, if more selling volume adds then the breakdown might drag the price towards new lows.

Therefore, the AAVE coin price could continue to move downwards and reach the nearest support at $57.21 and $49.60. If it fails to maintain the current level.

However, if the AAVE coin price sustains the current level and rises, then it might hit the nearest resistance levels of $81.09 and $92.35.

AAVE Price Prediction 2023: Can AAVE Coin Break Resistance, Rise?
Source: AAVE/BUSD.1D.BITFINEX by TradingView

At the time of publishing, the AAVE coin price (BITFINEX: AAVE) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the AAVE coin price trend. 

Hence, AAVE coin price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price. 

AAVE Price Prediction 2023: Can AAVE Coin Break Resistance, Rise?
Source: AAVE/BUSD.1D.BITFINEX by TradingView

The MACD line at 2.07 and the signal line at 1.49 is below the zero line both lines crossed each other and a bearish crossover is observed in the MACD oscillator, suggesting bearish signals. The current value of the RSI is 32.33 points and the 14 day SMA is below the median line at 41.88 points, which indicates bearish sentiments as RSI took rejection on the 14 SMA line and headed for the oversold zone in the market for the AAVE coin and highlighting bearishness.

Conclusion

AAVE coin price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the AAVE coin in the daily time frame. Aave price action highlights a bearish view at the time of publishing. Moreover, the technical parameters of the Aave price suggest the continuation of the downtrend over the daily time frame chart. Major reliable indicators RSI, MACD, and EMA, give negative signals regarding the AAVE coin price.

Technical Levels:

  • Support levels: The nearest support levels are $57.21 and $49.60.
  • Resistance levels: The nearest resistance levels are $81.09 and $92.35.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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