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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Aave May Rally 20% Supported by Historical Levels, But Crucial Resistance Remains

Alizeh Ilyas
Alizeh Ilyas
10 months ago
2 mins read
Aave

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Aave’s price surged to $88 just two weeks ago, but currently, the altcoin is experiencing a correction. Over the past 24 hours, Aave has dropped over 4%, and on the weekly chart, it has depreciated more than 7%. The technical outlook for Aave appears bearish, with both demand and accumulation declining on the one-day chart.

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Presently, Aave is hovering near a critical support level, and upcoming trading sessions will be decisive in determining the coin’s direction. Although the price is currently above the crucial support zone, it faces two important resistance levels that it must overcome.

Failure to surpass the immediate resistance could lead to a resurgence of bearish sentiment, potentially pushing the price below the local support level. Additionally, Aave’s market capitalization has declined, indicating a gradual loss of buyer momentum on the daily chart.

Aave Price Analysis: One-Day Chart

Aave
Aave was priced at $70 on the one-day chart | Source: AAVEUSDT on TradingView

As of press time, the altcoin’s value stands at $70, following a correction from its previous $88 peak. The coin encounters resistance levels at $72 and $75.

It is important to note that if the price drops from its current level, sellers could become active. This is due to the presence of a bearish order block, signifying high sell volume.

Failing to maintain a price above $68 may result in Aave trading near $66 and $64. However, historically, the $68 price mark has proven to be a crucial rallying point, as evidenced by the previous rally to $88, which was initiated from the same level.

However, if the coin can maintain its price above the $68 level in the upcoming trading sessions, it may have the potential for a 27% rally opportunity.

Technical Outlook

Aave
Aave depicted a fall in buying strength on the one-day chart | Source: AAVEUSDT on TradingView

Following the rejection at the $75 level, Aave’s buyers have been encountering difficulties in the market. The Relative Strength Index (RSI) also signalled this weakening buying strength as it dipped below the half-line.

Additionally, the price fell below the 20-Simple Moving Average line, indicating a shift away from buyer-driven momentum. To revive buyer interest, Aave would need to break above the $72 mark, potentially drawing them back into the market.

Aave
Aave displayed an increase in capital outflows on the one-day chart | Source: AAVEUSD on TradingView

The altcoin showed sell signals in line with declining demand. The Moving Average Convergence Divergence (MACD) was negative, displaying red histograms, which are associated with sell signals on the chart.

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Additionally, the Chaikin Money Flow (CMF), an indicator of capital inflows and outflows, was below the half-line, indicating that at the time of writing, capital outflows exceeded inflows. These technical indicators suggest a bearish sentiment in the market and potentially lower demand for the altcoin.

Featured image from UnSplash, chart from TradingView.com
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Alizeh Ilyas
Alizeh Ilyas

Alizeh Ilyas

With over 3 years of crypto writing experience, Alizeh Ilyas have a deep understanding of cryptocurrencies, blockchain, Fintech, web3, crypto market analysis, predictions, and more. Her passion for innovation shines through her work. Keeping a keen eye on the future of digital finance, she bridges gaps between technology and readers.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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