AAVE Price Prediction: AAVE Trading P is up $6.70, is AAVE Signaling a Bearish move?

(AAVE) began its daily trading 24 hours ago with a trading volume of $59,516,137. Over the past 24 hours, its trading volume has increased by 341.10% to $262,472,656. This rise in trading volume suggests that there has been increased market activity in Aave. Is this anything to go by?

AAVE Market Analysis and Statistics

At press time, Aave (AAVE) is priced at $82.20, with a 24-hour trading volume of $265,181,375, indicating a 6.70% price increase in the last day and a 2.40% decline over the past week.

Aave is a decentralized money market protocol allowing users to borrow across 20 different crypto assets as collateral. The protocol has a governance token called AAVE that enables the community to steer its direction collectively.

“We’re excited 👻 that Aave was chosen as the first DeFi protocol to be integrated with Lemon. This integration unlocks opportunities that were previously not available to millions of users in LatAm. We look forward to growing DeFi access globally 🤝.” @StaniKulechov

— Aave (@AAVEProtocol) January 24, 2023

Lenders can earn interest by providing liquidity, while borrowers can take out loans by collateralizing their crypto assets from the liquidity pools. Aave’s market cap is $1,170,628,860, with a circulating supply of 14 million AAVE tokens.

The price of Aave reached its all-time high of $661 in May 2021 and has since been on a bearish move. The move was further aided by the fall of the crypto exchange FTX bringing the coin to its low of $50. In a rather turnout of events, the token has been on a bull run attracting its investors to invest more.

AAVE Price Prediction: Technical Indicator Analysis

The market price of Aave shows a remarkable trend supported by several indicators. The price is trading well above the 200-day and 50-day moving averages which confirms that the move of the coin is bullish.

Furthermore, the Relative Strength Index shows a clear bullish trend as it trades above the 50-level mark. This indicates that the Aave token has had a lot of activities lately.

However, price retracement might take place. Should they break the 200-day moving average to the downside then the corresponding 20-level mark on the RSI might be a support level.

AAVE/USD Daily Chart Analysis and Prediction

After hitting bottom at $50, the price of Aave changed trends, and bulls began pushing the price up. However, the resistance level at $94.5 seems to prevent the price breakthrough strongly.

The market price of AAVE seems to be trading in a consolidation state between the highs of $94 and the lows of $71. For how long, then, can this consolidation last?

According to general technical analysis, whenever the market price is on an uptrend and consolidates, there is a likelihood that the price may fall back to its original breakout. Should the price break below the $71 level mark, we expect it to fall back to its bottom again.

On the other hand, the daily volume bar is full, indicating a strong bullish move. This brings a mixture of dilemmas on which direction the market should be taking.

Based on the technical analysis above, Aave seems to be in a consolidation state where neither bulls nor bears are active on the market.

Alternative for AAVE

Meta Masters Guild has garnered significant interest among experienced P2E gamers since its announcement, due to its status as the first mobile-only Web3 initiative. To cultivate a loyal following, the project is focusing on creating accessible and captivating games, which will prevent gamers from losing interest quickly. Creators can be confident in the project’s approach.

The native token $MEMAG will be used for all in-game activities and as the primary currency in the ecosystem. The final round of the token’s presale has ended, and it is currently valued at $0.023 USDT. Experienced crypto investors believe that it may be challenging to find a similarly attractive offer in the near future.

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