- Den Token huet bearish Aktiounen an de fréiere Sessiounen gewisen.
- The pair of AAVE/USDT is trading at the price level of $78.9 with a decrease of -3.56% in the past 24 hours.
AAVE (Aave) token is an Ethereum-based decentralized lending network. It enables users to lend and borrow cryptocurrency in an untrustworthy and decentralized manner. The token is facing rejection from the long term trend line and is forming strong bearish candles on a daily time frame.
AAVE on the daily time frame
The token recently tried to break above the long term trend line but was unable to do so. According to the daily chart, AAVE token is currently trading at $78.9, indicating a -3.56% loss in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token was unable to sustain above the 200 EMA and is now forming a strong bearish candle.
Relative Stäerkt Index: The asset’s RSI curve is currently trading at 70.71, indicating that it is in the overbought zone. The rise in the price of the token led the value or RSI curve to climb, but the current price drop caused the value of RSI to fall. The RSI curve has crossed above the 14 SMA. If the token continues to be declined and its price falls, the value of the RSI curve will fall even further.
Analyst Vue & Erwaardungen
The AAVE token has shown bullish momentum in the past few days, but has been unable to sustain above the 200 EMA and long term trend line. Investors are advised not to buy at this time since the token has not been able to sustain itself and is producing a strong bearish candle. Intraday traders, on the other hand, have a good opportunity to go short and book profits based on their risk to reward ratio.
According to our current Aave price prediction, the value of Aave is expected to fall by -3.54% and hit $ 76.53 in the coming days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 45. (Fear). Over the previous 30 days, Aave had 21/30 (70%) green days and 15.88% price volatility. According to our Aave forecast, now is not a good time to buy Aave.
Technesch Niveauen
Grouss Ënnerstëtzung: $ 66.3
Grouss Widderstand: $ 96.2
Konklusioun
According to the price action, the token was unable to sustain the breakout and is forming a bearish chart pattern. It remains to be seen if the token price can rebound from the long-term demand zone or break through and fall. Investors should wait for a clear indication before acting.
Verzichterklärung: D'Meenungen an d'Meenungen, déi vum Autor uginn sinn, oder all Leit, déi an dësem Artikel genannt ginn, sinn nëmme fir Informatioun Iddien, a si etabléieren net d'Finanz, Investitioun oder aner Berodung. Investitioun an oder Handel vu Krypto Verméigen kënnt mat engem Risiko vu finanzielle Verloscht.
Source: https://www.thecoinrepublic.com/2023/01/19/aave-price-analysis-token-faces-rejection-from-the-trend-line-are-the-bears-in-command/