After coming up against significant resistance at $85.93 and finding support around the intraday low of $82.74, Aave (AAVE) prices have plummeted dramatically.
As of press time, AAVE was trading at $83.21, a 2.65 % decline within the past 24 hours. The reductions in market capitalization and 1-day trading volume of 2.90 % and 10.95%, respectively, to $1,168,780,486 and $108,511,337, are some of the causes of this price movement.
AAVE/USD 1-day price chart (Source: CoinMarketCap)
On the Aave price chart, bearish momentum is plainly apparent as the market is trending in the direction of the lower upper band, and the Bollinger Bands are narrowing. The upper and lower bands make contact at 86.4 and 82.5, respectively.
In the negative region, the MACD blue line is heading downward and is below the signal line. While the signal line contacts at 0.1, the MACD line touches at -0.1. The histogram’s reading in the negative area supports this bearish outlook in the AAVE market.
Bulls must drive prices upward to boost the RSI score over 50 to reverse this trend. The current reading of the RSI is 43.74, pointing south, indicating an increase in selling pressure.
AAVE/USD 4-hour price chart (Source: CoinMarketCap)
A bearish crossover, which denotes a downward trend in the market, is visible as the 5-day Moving Average crosses below the 20-day Moving Average. The market price is below both Moving Averages, suggesting that bears may continue to dominate the market as the 5-day MA hits 84.0 and the 20-day MA touches 84.5.
AAVE/USD 4-hour price chart (Source: CoinMarketCap)
The market is under the power of the bears, who have succeeded in driving prices lower over the past 24 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Bears Pull AAVE Prices Down by 2.65% to Value at $83.21 appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
