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- 1 AAVE price prediction suggests prices are oversold and a short-term bounce is possible.
- 2 AAVE crypto price is trading below the 50-day and 200-day EMA showcase downtrend.
- 3 Aave price is trading near its long-term demand zone.
AAVE price prediction remains bullish for the long term till it holds the $50.00 support. It suggests that Aave crypto price is oversold and a short-term pullback rally is pending.
AAVE price is trading below the 50-day and 200-day EMA showcase downtrend. However, the prices are far away from the EMAs so buyers might try to push the price upward to test the EMA.
Previously, Aave prices tried multiple times to break the 50-day EMA hurdle but got rejected. It shows the presence of sellers on the higher levels. It formed a bearish double-top pattern and slipped down by forming lower low swings.
Presently, AAVE price is near to the long-term demand zone and buyers are trying their best to rebound. It eroded the gains generated in July and returned back to its breakout level.
AAVE price is trading at $55.09 with an intraday rise of 0.53%. The 24-hour volume to market cap is 7.05%.
The pair of AAVE/BTC is trading at 0.002122 with an intraday rise of 0.57%. Both the pairs are forming a similar pattern denoting sellers remain active.
Wil AAVE Price Take U-turn from Demand Zone?
AAVE price prediction suggests a significant rise in the value is possible in the coming months. If the overall crypto market recovers then it might positively impact the prices of AAVE as well as other altcoins.
Till the AAVE price sustains above $50.00 the probability of taking an U-turn remains high. However, the prices will gain momentum when buyers are able to break the $70.00 hurdle.
On the other hand, if the sell-off continues and prices drop below $50.00 then more downside will open.
AAVE Price Analysis on Weekly Time Frame
AAVE price is forming a hammer candle on the weekly time frame showing buyers are active. However, the confirmation of the short-term bullish trend reversal will come when prices regain the 50-day EMA.
The MACD curve is sloping sideways indicating prices might continue to consolidate for some more time. The RSI curve at 38 denotes weakness but if the AAVE crypto price recovers then it might test the neutral territory.
Conclusion
AAVE price prediction remains bullish till it holds a $50.00 level. It suggests prices are oversold and bounce back from the demand zone is possible. The technical analysis says buyers are active near $50.00 so the possibility of taking a U-turn remains high.
Technical levels
- Resistance levels: $60.00 and 70.00
- Support levels: $50.00 and $47.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
