- 1 AEVO (AEVO) is near its ATL mark of $0.4433, reflecting bearishness.
- 2 Its trading volume soared over 83%, displaying a selloff over the past 24 hours.
AEVO was in a major downtrend, hovering around its all-time-low mark of $0.4433, looking bearish.
Over the past few trading sessions, it showed massive follow-on decline and corrected over 90% from the top. Since the beginning of April, the sellers continued to push the token from its peak.
Amid the recent market selloff, the token aggressively breached the $1 mark with sharp volume.
At press time, the AEVO token traded at $0.4375 with an intraday drop of 14.36%, reflecting a massive selloff. It has a monthly return ratio of -53.20% and -60.20% yearly, reflecting a downtrend.
The pair of AEVO /BTC is at 0.00000771 BTC, and the market cap is $48.58 Million. Analysts are bearish and suggest that AEVO may continue to expand below and would underperform ahead.
AEVO Price Dropped to its ATL (All-Time-Low): Whats Next?
In the past four months, the token has displayed a massive distribution from the roof as sellers displayed strength.
Still, the price action reflected negativity. The token faced sharp rejection from its 20 day EMA, conveying that further decline is imminent.
The ongoing sentiment was negative and the token is eyeing for its next bearish leg toward $0.200. Until the token reaches the $0.700 mark, the sell on rise pattern will remain.
AEVO Price Chart By Santiment
The Relative Strength Index (RSI) curve reached the oversold region and formed a negative divergence. Similarly, the MACD indicator conveys a bearish crossover and forms red bars on the histogram on the charts.
Price Volatility and Weighted Sentiment Outlook
The price volatility data displayed stability and noted around 0.02, reflecting minute changes throughout the week.
Weighted Sentiment Data Source: Santiment
Notably, the weighted sentiment data looks negative and is declining, at region around -0.30, reflecting a lack of buying interest.
Futures Data Shows Long Unwinding Activity
Futures OI Data Source; Coinglass
The Futures open interest data signifies massive long unwinding activity, and conveyed that buyers were trapped and aggressively covered their positions, which was followed by a price decline over 14% intraday.
Notably, the open interest fell over 6.49% to $37.29 Million in the last 24 hours.
@Top Gainer tweeted that AEVO took support at around $0.500 and is set for a bounce.
$AEVO looking strong support zone at that moment pic.twitter.com/8a0aXqDQME
— TOP GAINER TODAY (@RoccobullboTTom) July 2, 2024
Source:X
The immediate support levels for AEVO are $0.400 and $0.370 whereas the key upside hurdle is around $0.520, followed by $0.580.
What’s Next for AEVO Amidst Follow-on Decline?
AEVO fell below its significant moving averages and displayed a bearish outlook on the chart. Recently, it breached the $1 mark, leading to a fresh ATL mark of $0.4433 last week.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
