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- 1 AAVE token price is below the significant moving averages.
- 2 Buyers are willing to retain the $100 mark and attempt a reversal.
The AAVE price has made a double bottom around $80 and reverted from there, denoting bull accumulation in the last sessions. This week, the token has rebounded over 16% and is preparing to retain the $100 mark. However, the trend is neutral and sellers have maintained their grip decisively. Amidst the market bearishness, the token needs to cross the prompt hurdle of 100 day EMA mark to flip the momentum.
At press time, the Aave token (AAVE) price traded at $92.03 with an intraday gain of 3.80%, reflecting neutrality on the charts. It has a monthly return ratio of -27.90% and 28.90% yearly. The pair of AAVE/BTC is at 0.00144 BTC, and the market cap is $1.39 Billion. Analysts are neutral and suggest that the Aave crypto may flip the trend and may surpass the $100 mark soon.
AAVE Price Volume Profile Analysis on the Daily Chart
On the daily chart, the price-to-volume profile of the AAVE token replicates that, the token is trading near the trap zone and sellers have started covering their positions because of the fear. The prompt round mark of $100 is eyeing by the buyers to retain and buyers have started to accumulate. The intraday trading volume dropped over 27.91% to $51.89 Million.
Price Volatility and Weighted Sentiment Outlook
Following the price rebound of the AAVE crypto, the price volatility curve denoted a pullback of over 2.20% to 0.01. However, the weighted sentiment looks neutral and stayed close to the midline around -0.294.
Social Dominance and Social Volume AI Insights
Per the Santiment data, the social dominance data witnessed a significant jump of over 11.19% to 0.054%, signifying the neutral sentiment among the investors. However, the social volume data remained stable and sustained below the midline around 2.
Development Activity and Total Open Interest Insights
For the past weeks, the development activity data witnessed a significant decline and slipped below the midline, delivering a negative outlook. The value dropped over 21.90% to 11.83 this week. However, the derivative data signifies long unwinding activity. The open interest dropped over 7.82% to $26.02 Million, replicating a negative stance.
Per the Fib levels, the AAVE price is trading above the 23.6% zone and is below the 38.2% zone. Similarly, the RSI curve stayed in the oversold region, and a positive crossover was noted on the charts.
The total supply of AAVE crypto is 16.26 Million, whereas the volume-to-market cap ratio is 0.0371, ranked 71 in market cap in the global crypto market.
Summary
The Aave crypto (AAVE) signifies rebound from the demand zone of $80 and eyeing to retain the $100 mark. However, the trend is negative, and the Aave crypto needs to stretch the pullback and need to surpass the $100 mark to revert the trend.
Technical Levels
Support Levels: $85 and $75
Resistance Levels: $100 and $110
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
