AAVE Technical Analysis: Trading with Crucial Support Levels of $347.36, $336.94, and $320.07
Past Performance
On the 28th of July, the trade for AAVE opened at $300.36 and on the 5th of Aug, it closed at $373.05. There is an approximate 24.20% increase in the trade price of AAVE in this period. In the last 24-hours, AAVE traded between $344.90-$381.92.
AAVE Technical Analysis
Currently, the RSI is at 66.50%, it has taken a downtrend after touching the 69.32% mark. Thus, forming a bearish divergence and has started falling, this indicates that the selling pressure is high in the market, and the pressure on the price is also high. Thus, we can expect a pullback in the price.
Currency, MACD and EMA both are trading above the zero range. Plus, MACD is at 20.10 and the EMA is at 12.95. The market is on the bullish horizon and the buying pressures are still high. Since it's a lagging indicator, to predict a trend reversal we need to wait for selling pressure to take over the buying pressure.
OBV is at 11.932M, OBV after testing the level of 11.957 M, has taken a dip. This indicates that the volume of AAVE is slowly and steadily taking a fall. However, in the long-term chart, it is upward sloping and thus the buying volume is increasing in AAVE.
Day-Ahead and Tomorrow
In the last 24 hours, the price has increased by 2.62 %. The news of END has migrated to AAVE at a rate of 100 LEND per 1 AAVE is one of the reasons that has triggered the price increase. But as the two of the indicators suggest that the market has already taken a downtrend though slowly, We can expect a bearish trend.
For today the indicators show a neutral zone, but tomorrow we can expect a bearish trend.
The current trading price is above the Fibonacci pivot point of $364.24. But, it is below the resistance level 1 of $381.1129, since the oscillators are indicating a bullish reversal, we can expect the price to fall and take support on the trend line. However, if the buying pressure overtakes the selling pressure, the price has the potential to break and sustain above the resistance level.
The crucial support levels for AAVE are $347.36, $336.94, and $320.07, respectively.