AEVO price has shown that it was in bulls’ favor earlier from March 13th, 2024, to March 27th, 2024, the price attempted to rise and built a top on the daily chart at $3.70, from the support at $2.00. However, the wind shifted in the Bears’ favor, and from March 28th onwards price deteriorated and collapsed all previous support levels.
According to the technical daily chart, AEVO has witnessed strong selling pressure. For the last few weeks, the asset has been showing bearishness and falling potential as it has been struggling below the 20-day EMA and falling by facing resistance, which is influenced by the sellers’ surge. Meanwhile, AEVO has recorded an all-time low on the day of writing and sellers seem stronger.
At press time, AEVO price traded at $1.157 with an intraday loss of -2.20%. The market capitalization is $123.60 Million and the 24-hour trading volume is $41.20 Million.
Will AEVO Crypto Shield The $1 Mark? Let’s Unfold Its Daily Chart
On a daily time frame, the Aevo price exhibits weakness and is trading near an all-time low price level. AEVO price has portrayed a continuous fall and if the crypto asset price gains bullish momentum and faces resistance from the 20-day EMA once again on the daily chart, then the sellers may become confident and push down the asset’s price to a new all-time low.
On the other hand, if the AEVO crypto price manages to advance above the 20-day EMA and sustains for a few daily sessions, an elevation in trading volume can generate buying momentum for the short term, which can be expected under these possible circumstances.
AEVO Price Outlook | By TradingView
According to the technical indicators, the Bollinger band (BB) exhibits that the price trades at the lower Bollinger band and looks difficult for its price to reach the basis line in BB. The Aevo price MACD tool also signifies bears strength superior to bulls, and bulls seems to have no control yet, and the RSI is at 29.26, this line is trading below the trading below the key moving-SMA smoothened line. Overall, the technical indicators demonstrate a negative sentiment.
Therefore, if the AEVO crypto price fails to stay above the $1.100 price level, it could decline further.
On the contrary, if the demand for the AEVO asset price remains high, it could bounce back from the current level. This will be visible in the technical indicators once this scenario occurs on the daily chart like RSI would cross the median line, MACD would jumpzero line, and BB would take price above basis in upper band. This makes, the next target for the AEVO price would be to reach $1.50, and $1.90, respectively.
Is Bleeding TVL, The Cause To AEVO Price Demise?
The AEVO crypto displays that the TVL was at its peak around mid-March 2024 but began to slump afterward. The decline in TVL exhibits that the demand for projects is losing, and consumers’ willingness to stay invested is declining.
Likewise, the TVL is often valued as a vote of confidence in the AEVO crypto. This decrease could cause new users in AEVO and investors to lose faith in getting involved with the project. This further exhibits that the AEVO crypto participants would receive fewer benefits and profits if this continues.
AEVO TVL | By DeifLlama.com
Typically, it is seen that when the TVL of the DeFilama platform surges, liquidity, popularity, and usability in AEVO crypto also advances, and a decrease in TVL displays the exact opposite, which is less available capital, resulting in lesser returns.
Summary
The AEVO crypto asset has been showing bearishness and falling potential for the last few weeks. The crypto is trading near an all-time low price level, and the technical indicators demonstrate a negative sentiment. However, if the demand for the AEVO asset price remains high, it could bounce back from the current level.
Additionally, the TVL of the DeFilama platform has been declining, indicating a decrease in liquidity, popularity, and usability in AEVO crypto, which could cause investors to lose faith in the project.
Hence, should the AEVO cryptocurrency price not maintain itself above the $1.100 price point, it may drop even more.
Conversely, if there continues to be a high demand for the AEVO asset price, it could potentially rebound from its current level. The next goal for the AEVO price is to hit $1.50 and $1.90, consecutively.
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.
