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Vikram
Sep 20, 2022

AAVE Technical Analysis: Will AAVE Plunge To $48 This Year?

AAVE
The AAVE technical analysis displays an increase in selling pressure influencing the post-retest reversal teases a drop to $48.

The AAVE price action displays a bullish failure to rise above the 100-day EMA leading to a price dump below the $76 mark. Moreover, the ongoing retest phase forecasts a prolonged correction in the coming weeks, potentially testing the $48 support level. So, will the prices fall by 35% to $48, or will the buyers sabotage the retest phase?

Key Points:

  • The AAVE prices show a retest phase of $76. 
  • The post-retest reversal shows potential to reach the $48 mark.
  • The intraday trading volume in AAVE is $122 Million.
  • AAVE Price Chart

    AAVE Technical Analysis

    The AAVE price displays a bullish failure to prolong the consolidation range between the $76 and the 50-day EMA in the daily chart. With the fakeout of the 50-day EMA, the prices take a bearish turnaround from the 100-day EMA resulting in the breakdown of the consolidation range. 

    Moreover, the price action displays a Head and Shoulder breakout, with the neckline coinciding at the $76 support level, forecasting a high momentum bearish trend.

    As the bearish influence grows over the daily chart, the crucial daily EMAs restart the falling trend indicating an increase in the underlying bearishness. 

    If the selling pressure persists, the $77.6 breakdown could slump the AAVE price 25% down to $55.7.

    However, a high volume of activity during the retest phase suggests a possible fakeout. If this theory works out, the prices may jump above $77.6 and extend the prevailing consolidation. 

    Technical Indicator

    The downsloping RSI reflects a bearish reign spreading over the AAVE coin. Moreover, a sufficient gap between the MACD and signal lines indicates sustained selling activity in the market. 

    Therefore, as the selling activities surge, the technical indicators support the bearish thesis. As a result, the AAVE technical analysis offers a bearish entry opportunity. 

    Resistance levels- $76 and $115

    Support levels-  $60 and $48

    AAVE Technical Analysis: Will AAVE Plunge To $48 This Year?
    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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