- Aave Token was currently at $89.75 with a decrease of 1.10% during the intraday trading session.
- The 24-hour low of AAVE was $87.65 and the 24-hour high of AAVE was $95.07.
- The current AAVE is above 20, 50, 100, and 200-Days EMA.
The pair of AAVE/BTC was currently trading at 0.003668 BTC with a dip of 0.03% over the intraday trading session.
Aave price analysis suggests that it is currently in a bearish trend. 2022 was very volatile for AAVE as it consists of lots of ups and downs this year. In mid-2022 sellers pressured AAVE and pushed it down to its demand zone and forced it to make its new 52-week low. After that buyers came in the majority and took over the market and pushing AAVE prices upwards and helped it to enter its supply zone. But Sellers came back and took back the market from buyers and pushed it downwards and at the end of 2022 sellers pushed AAVE back to its demand zone. But after the start of 2023, AAVE slowly started rising, breaking its primary support of $76.09. But after breaking its primary support AAVE became consolidated between its primary resistance and its primary support.
But buyers tried and pushed AAVE to reach its primary resistance but after reaching its primary resistance sellers pulled AAVE back and with the appearance of the shooting star candlestick pattern over the daily trading chart currently, AAVE started declining. Because a shooting star pattern appeared after the uptrend and indicates that the price could now fall.
The volume of the coin has increased by 35.20% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of AAVE, which represents a weakness in the current trend or a possible reversal.
The technical analysis of Aave:
RSI is declining from the overbought zone and has shown signs of a negative crossover which indicates that the bears are coming in the majority and taking back the market from bulls and pushing AAVE downwards. This suggests the strength of the current downtrend. The current value of RSI is 57.79 which is above the average RSI value of 53.24.
The MACD and signal are decreasing and intersecting but not giving any definitive crossover. Investors are watching every move in the market carefully.
Conclusion
Aave price analysis suggests that it is currently in a bearish trend. At the end of 2022, AAVE was in its demand zone but after the start of 2023, it slowly started rising and even breaking its primary support. Then after AAVE became consolidated and the appearance of the shooting star candlestick pattern over the daily trading chart indicates that AAVE could fall down. The increase in volume shows the strong market sentiment towards AAVE. RSI is showing signs of a possible negative trend and MACD is declining over the chart but not giving any definitive evidence to support RSI, as per the technical indicators.
Technical Levels-
Resistance level- $95.47 and $116.23
Support level- $76.09 and $50.48
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/20/aave-price-prediction-will-aave-break-its-consolidation/