Aave Price Action: Bearish Pull Forces AAVE To Resist Drop To $74 Level

Christian Encila

3 years ago

3 mins read

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AAVE has been showing hints of recovery today which is quite the opposite of its figures a few hours ago.

AAVE shows signs of recovery as price climbs by 7.35%
Coin generally bearish but the bulls are now attempting to take over
AAVE breaches $77.53 level

This could be due to the general crypto market recovering too as of press time. Will this be for long term?

The coin has been generally bearish as it resist falling into the $74 level. Key support is now spotted at the $73.65 level and resistance is present at $77. 52.

Evidently, AAVE is seen to be moving downhill earlier as it failed miserably in breaching the $77.53 level. At this point AAVE is treading the bearish route for short term.

Judging by the 1-day price analysis, it is moving downwards as triggered by the uptick in selling pressure. If the selling pressure subsides, then AAVE price could shoot way up which is happening right now.

Chart: TradingView.com

AAVE Price Climbs By 7.35%

According to CoinMarketCap, the coin’s price has skyrocketed by 7.35% or trading at $79.64 as of press time which means it has successfully breached the $77.53 level that it has been trying to do so for the past couple of days.

The Bollinger Bands Indicator higher band is now seen at the $78.63 mark which is now the key resistance for AAVE while the lower band is seen at the $73.83 mark.

More so, RSI has previously manifested a decline to 40 but has shown recovery and is now looking more balanced.

The 4-hour price chart reveals that the bears have been dominant for many hours but the bulls are now taking over.

Previously, the sharp decline of AAVE has caused a devaluation of price down to the $73.22 level which has been a good sign to the sellers.

Price Likely To Build Momentum

AAVE price is seen to be generally bearish due to its sideways consolidation but is seeing an uptick now and making some room for the bulls.

The price has plummeted by $74.34 yesterday but it has now found its mojo and on its way to making more gains. Momentum will likely build up in the coming days.

At this point, AAVE is expected to continue trading in its current range for the next 24 hours.

However, the scenario with AAVE/USD still looks like a tug-of-war and anything can happen at this point as either the bears or the bulls can get exhausted and propel the coin to move either way in the coming days.

AAVE total market cap at $1.12 billion on the daily chart | Source: TradingView.com

Featured image from AMBCrypto, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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