AAVE is showing signs of recovery today, which is very different from its numbers a few hours back.
- AAVE signs of recovery, as the price rises by 7.35%
- Coin generally is bearish. But the bulls have taken over.
- Level $77.53 of AAVE
The general recovery of the crypto market could explain this. Is this a long-term trend?
The trend has been bearish, as the coin resists falling to $74 levels. Support is located at $73.65 and resistance at $77. 52.
AAVE appears to be heading downhill sooner than expected, as it has failed spectacularly in breaking the $77.53 mark. AAVE seems to be taking a bearish stance at the moment.
According to the 1 day price analysis, the trend is downwards due to an increase in selling prices. AAVE prices could rise if selling pressure decreases. This is what’s happening now.
Chart: TradingView.com
The AAVE price climbs by 7.35%
According to CoinMarketCap, the coin’s price has skyrocketed by 7.35% or trading at $79.64 as of press time which means it has successfully breached the $77.53 level that it has been trying to do so for the past couple of days.
Bollinger Bands Indicator’s higher band can now be seen at $78.63, which is the resistance key for AAVE. The lower band can be seen at $73.83.
RSI, which has been declining to 40 in the past, has now shown improvement and looks more balanced.
This 4-hour chart shows the bears as the dominant force for many hours. However, it is now that the bulls are taking control.
The sharp fall in AAVE caused the price to drop to $73.22, which was a positive sign for the sellers.
It is likely that price will increase momentum
Although the AAVE price has been a bearish indicator due to sideways consolidation, it is showing some signs of life and is making room for the bulls.
Yesterday’s price drop of $74.34 was enough to cause a significant decline. However, the market has regained its mojo and is on its way back up. The momentum is expected to increase in the following days.
AAVE trades in the current range at this moment and is likely to keep trading for the next 24-hours.
However, AAVE/USD is still a tug-of war. Anything can happen here as the bulls and bears may get exhausted. This could cause the coin’s movement to shift either way over the following days.
AAVE Total Market Cap at $1.12Billion on Daily Chart Source: TradingView.com| Source: TradingView.com Featured image taken from AMBCrypto. Chart by TradingView.com