The AAVE token replicates bearishness and is hovering below its support region of $100, delivering a selloff in the last sessions. The token has breached its critical level of $100 and is signaling bears’ dominance on the charts. Moreover, the price action signals a down move below the 200-day EMA, which is the prompt support zone near $85. Amidst the market volatility, the token has reverted from the top of $120 and noted profit booking in the past weeks.
The AAVE token price has slipped below the 20, 50, and 100-day EMAs, which signifies bearishness on the charts. However, the 200-day EMA is the make-or-break region for the bulls, whereas the lower-low formation is still depicted. Additionally, the follow on selling pressure reveals the bears’ intention of breaching the demand zone of $85 in the coming sessions.
The price of the cryptocurrency was $93.10 at press time with an intraday gain of 0.75%, showing bearishness. Moreover, the trading volume increased by 14.10% to $85.83 Million, highlighting the selling pressure. The pair of AAVE/BTC was noted at 0.00215 BTC, while the market cap is $1.39 Billion. Analysts are neutral and suggest that the token will face a breakdown in the upcoming sessions.
The AAVE Price on Daily Charts Displays Rounding Top Formation
On the daily charts, the AAVE price slipped below the round mark of $100 and eroded over 25% of gains in the recent sessions. Additionally, a rounding top formation was witnessed, which signals bear strength. Furthermore, the bear cartel is attempting another selloff to push the token below the 200-day EMA mark. If the token breaches that mark, it may fall to $70 in the upcoming weeks. Conversely, if a rebound happens, it may retest the $100 level soon.
The RSI curve slipped below the midline and delivered a neutral outlook amidst the selloff. The MACD indicator shows a bearish crossover and signals a downfall in the upcoming sessions.
AAVE on Weekly Charts Reflects Rejection from the 100-Day EMA
On the weekly charts, the AAVE price has retested the range top neckline near the 100-day EMA mark but failed to cross and meet a reversal. However, the reversal was not too intense. A consolidation was noted near the no-trade zone of $90. Per the Fib levels, the AAVE token price trades below the 38.2% zone and is heading to the 23.6% zone.
Summary
The AAVE price slipped below its support region of $100 and is experiencing a selloff in the recent sessions. The trend favors the downfall. The bulls are attempting to sustain the gains and secure the 200-day EMA to avoid a rash selloff.
Technical Levels
Support Levels: $85 and $80
Resistance Levels: $100 and $110
