Aave Plunges Again After Daily High of 60.0, 3.17% Drop by CoinEdition

Aave plunges again after daily high of 60.0, down 3.17%

  • Aave Price Analysis Shows Falling Market Sentiment
  • Support for AAVE is present at $56.5
  • Aave is trading below the 20-day EMA and 50-day SMA at $58.0

Aave price analysis reveals a downward trend over the past 24 hours, with Aave price dropping from a daily high of $60.0 to $56.1, representing a decline of 3 .17% in the last 24 hours. Looking closer, it can be seen that bearish sentiment prevails with continued downward movement despite a slight pullback to the market high of $58.4. Additionally, Aave is trading below the 20-day EMA and the 50-day SMA at $60.0, providing a bearish signal.

Aave Price Action: Coinmarketcap

Key support lies at $56.5, which will likely be tested in the near term with continued sideways movement before an attempted breakout or breakout occurs. Additionally, the relative strength index shows a bearish divergence and points to further downward movement.

Aave has been trading in a rounded pattern over the past few days, as observed on the Aave price chart. Key support is present at $56.5 and with continued short-term sideways movement, there could be a test of this level before a breakout attempt takes place. On the other hand, a breakdown below the support could push Aave down towards $52.0. Overall, Aave is currently in a bearish market sentiment.

Aave’s price analysis on a daily chart indicates that the pair is trading in a falling wedge pattern, with a key support level present at $56.5 which is being tested in the near term. The fib retracement levels show that the 23.6% and 38.2% fib levels provide support at $58.0 which can be used as a stop-loss level in case of a drop below the support level of $56.5 with the next key support present at $52.1. followed by $50.0.

AAVE/USD 1-Day Chart: TradingView

The RSI Stochastic Oscillator shows that a bearish crossover is forming, provided there is no bullish divergence present. This indicates that further downward movement can be expected and the key support level at $56.5 could be broken in order to see Aave fall to a new low of $52.0.

Price analysis of Aave on a 4-hour chart and an hourly chart shows that Aave is in a downtrend, with key support levels at $56.5 and $58.0 respectively being tested for short term. The Relative Strength Index oscillator is also pointing to further downward movement with bearish divergence forming on the daily charts, signaling increased selling pressure from traders.

AAVE/USD 4-Hour Chart: TradingView

Market volatility is increasing and this could lead to a breakout or breakout of the current consolidation. The Bollinger Bands are widening, which could indicate a breakout or breakout from the current range.

Overall, Aave’s price analysis points to further short-term downward movement, with key support levels at $56.5 and $58.0 likely to be tested before an attempt is made. burst or failure occurs. Additionally, a bearish divergence is forming on the charts, which could indicate a break from the current consolidation.

After a daily high of 60.0, a decline of 3.17% appeared first on Coin Edition.

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Carol N. Valencia