Aave Price Analysis: AAVE failed to break above the key $100 resistance, will the price turn lower?

  • The AAVE token has been hovering near ideological round levels for the past few days.
  • The AAVE coin is struggling near the 100-day moving average on the daily price scale.
  • Trading volume is declining and buyers saw a 20% drop the night before.

The AAVE token has shown a credible rally over the past few days. In 2022, sellers were dominating the token and selling assets. But now, it looks like AAVE has reversed course as buyers manage to hold the price above previous lows.

At the time of writing, AAVE coin is trading at $96 with slight sideways momentum during the intraday trading session. Thus, the $100 concept round level has become an important defensive zone for the bears.

Buyers witnessed 2022 lows on June 18. Subsequent buyers have recovered over 110% so far. Meanwhile, the market capitalization of the AAVE token fell 4.6% in the past 24 hours to $1.3 billion, according to CMC. Additionally, the price of the AAVE token pair with the bitcoin pair is down 3.3% at 0.004046 Satoshis.

Trading volume is reduced, as a result, buyers are seeing a 20% drop from the previous night. Thus, buyers found rejection near the 100-day moving average on the daily price scale. Additionally, the 20 and 50 DMA are below the current price of the altcoin.

MACD shows bullish signs

The RSI indicator looks flat at 60 points. However, the given indicator shows an uptrend as its peak takes support at the half line. Additionally, MACD continues to move into positive territory.

Conclusion

The AAVE token is slipping near the $100 conceptual level, buyers need to break this level as soon as possible, with a permanent move. Meanwhile, traditional technical indicators are showing a bullish trend.

Support level – $80 and $50

Resistance level – $100 and $120

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only. They do not provide financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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