AAVE Technical Analysis: Fall in Price Since Mid-Year, Will Pick Up Owing to Voting on Licensing
Aave has several unique selling points when compared with competitors in an increasingly crowded market. During the DeFi craze in the summer of 2020, it was one of the biggest projects in terms of the total value of crypto locked in its protocol.
Let us look at the technical analysis of AAVE.
Past Performance of AAVE
The coin is trading at $196, which has come down from an all-time high of $611 in May 2021. In the last week, AAVE price traded in the range of $157.98 and $201.63. The price has certainly moved in the green since December 13, 2021, when it fell 10%. The new voting on the code licensing has helped it gain this traction.
AAVE Technical Analysis
The On-balance Volume is at 10.49 million, showing the rise in the direction and increasing volumes in line with the price rise.
RSI is at 40% and inching its way upwards slightly. One can see the current bullish trend gaining traction. It seems to have gained strength towards this trend, which will stay for a while.
The MACD indicator shows the fast line crossover the slow line and the change in trend towards a bullish phase being confirmed.
Price Trends for the Day-Ahead and Tomorrow
The monthly technical indicators and moving averages for the cryptocurrency suggest 10 sells and 6 buy recommendations for AAVE. Weekly technical indicators and moving averages suggest 19 sell signals and just one buy signal. Watch for a resistance level of $215.5, $261.8, and $308.1, respectively.