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Vikram
Apr 29, 2022
by Vikram

AAVE Technical Analysis: Bearish Strikes at $150 Teases Fallout

AAVE
AAVE coin price chart displays multiple bearish attempts to break below $150. Will the recent reversal from the 50-day EMA complete the bearish work?

Key technical points:

  • AAVE prices face rejection at 50-day EMA.

  • The EMAs maintain a bearish alignment.

  • The 24-hour trading volume of AAVE is $315 Million, reflecting a rise of 30%. 

    • Past Performance of AAVE

    AAVE coin price failed bullish reversal from the $150 mark facing rejection at the 50-day EMA and retraces to the psychological barrier. The retracement continues the sideways trend following the 35% fall from the $250 mark, breaking below all the crucial EMAs. 

    TradingView Chart

    AAVE Technical Analysis 

    The AAVE coin shows a potential head and shoulder pattern formation with a neckline at the psychological mark. Moreover, the chances of an evening star pattern from the rejection at the 50-day EMA increases. 

    The flattish trend of the crucial daily EMA provides opposition to the bull run while maintaining a bearish alignment. Hence, the EMAs promote a bearish continuation in the coin price. 

    MACD Indicator: The MACD and signal lines maintain a sideways trend in a bearish alignment under the zero line. However, a potential bullish crossover arises with the decrease in the bearish spread.

    RSI Indicator:  The RSI slope moves along the halfway mark within the nearly oversold zone and under the 14-day average. Hence, the indicator reflects an upper hand of bearish powers.

    In a nutshell, the AAVE technical analysis indicates a high likelihood of a downfall below the $150 mark.

    Upcoming Trend 

    AAVE coin price shows a relatively more substantial bearish influence as it forms a head and shoulder pattern in the daily chart. Hence, the bearish pattern breakout will result in a 20% fall to the $125 mark. That is why traders can find a breakout selling opportunity shortly. 

    Support Levels: $150 and $125

    Resistance Levels: $180 and $200

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    AAVE AAVE Token
    AAVE Technical Analysis: Bearish Strikes at $150 Teases Fallout
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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