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Homeprice predictionAave (AAVE) Technical  Analysis: Will AAVE Coin Break 200 EMA?

Aave (AAVE) Technical  Analysis: Will AAVE Coin Break 200 EMA?

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  • Aave (AAVE) is currently trading at $56.69 with a rise of 5.83% in the last 24 hours.
  • The Aave price is observing an increase of 12.67% in the last 7 days.
  • The AAVE market capitalization is $821251745. 

The Aave coin is the inherent governance token of the Aave protocol. It is a decentralized money market platform that enables users to lend and borrow cryptocurrencies. Its investors can join in the decision-making process of the protocol and enjoy reduced fees and rewards. It also gives tremendous features like flash loans and rate switching. It allows borrowers to select between fixed and variable interest rates. Aave was introduced in October 2020 and was established in November 2017 by Stani Kulechov. It is one of the leading protocols in the decentralized finance (DeFi) space, with over $3 billion worth of crypto locked in its smart contracts.

Trend Evaluation

By evaluating the price data of the AAVE  coin, it can be said that it is in a downtrend currently. The price inclined by 12.67% in the last seven days and we can say that Aave is underperforming right now. From its peak price of $661.69, it fell -91.40% in the last 2 years. The coin demolished the major investor’s wealth. The current market sentiments are not good about the coin. There is no huge volume in Aave. Buyers are not available in the present market scenario and they are also not taking any interest in buying. The market is under the control of the bears.

Aave Technical Analysis

The price of Aave has slipped below 50 and 200 EMA, which suggests that the price is in a bearish trend. There is a possibility that the coin’s value will fall even further in the upcoming week if the seller continues to push the price down. The price has been consolidating near 200 days EMA again which shows that bears are not in the mood to give power to bulls.

Aave (AAVE) Technical Analysis
Source:  AAVE/US DOLLAR .1D.CRYPTO by TradingView

The technical indicator MACD is also in the negative zone. The MACD line at 2.686593 and signal line at 3.207364 is below the zero line, suggesting the MACD is in negative territory and giving bearish signals.

The current value of RSI is 48.91 points. The 14 SMA line is currently below the median line, around 34.12 points that show bearish sentiment in the market. The 14 Day SMA line below the median line indicates a bearish trend. The bearish sentiment spreads around the market as the price is currently at an oversold zone.

Trendline Analysis:

The price has respected its significant trendline support, and it is going toward resistance. If the price breaks the trendline, then it will go up to the next resistance and if it gets rejected by the resistance then it will come back to the current support.

Volume Analysis:

Aave’s trading volume of 24 hours is $53703452, with a 28% increase in volume in the last 24 hours. There is a substantial boost in the volume of the coin.

Technical Levels-

Support – The current support level of AAVE is $48.840.

Resistance –The current resistance level of AAVE is $72.151.

Conclusion

AAVE is facing a tough time in the market. The price action suggests that the price may fall more in the upcoming days if it broke its primary trendline support level. Its price shows a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give negative signals about the Stargate Finance Network coin. The fear is growing among investors because of the poor performance of the coin. Recovery signs are not visible on the coin.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.

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