Home> web3.0> body text

AAVE Struggles Near Supply Zone: Price Analysis

王林
Release: 2024-08-28 12:41:41
Original
620 people have browsed it

Aave (AAVE) a leading decentralized finance (DeFi) protocol, has experienced significant profit booking. AAVE crypto price retraced more than 15% this week.

AAVE Struggles Near Supply Zone: Price Analysis

Aave (AAVE) encountered significant profit booking this week, with its price retracing more than 15%.

The token faced challenges crossing the $150 mark and formed a double-top formation. It also formed a three black crows pattern, indicating a three-day bearish streak and selling pressure.

However, AAVE remained above key moving averages, indicating a bullish trend. The token faced challenges and increased liquidations, leading to a retracement.

Aave (AAVE) experienced a short-term accumulation phase that fueled a massive bullish surge in the last two months. Despite market turbulence, it continued spreading gains within a rising channel, showcasing outperformance.

The $150 mark served as a crucial resistance that bulls failed to flip. Until the barrier is breached, the token may consolidate near the upper Bollinger band.

Looking ahead, the token might revisit the 20-day EMA mark. It could drop toward the $120 mark in the next sessions.

AAVE Crypto Struggles Near Supply Zone: Price Analysis

On the daily chart, AAVE encountered profit booking throughout the week, displaying on the chart in a double top formation. It showed a rejection from its supply zone at $150 and lost momentum.

However, the trend is still bullish, and buyers want to gain further traction to beat the mighty bear cartel. Aave (AAVE) is likely to consolidate near the upper Bollinger band until the $150 mark is breached.

AAVE was trading at $127.36 at press time, down over 3.20% intraday. Its trading volume soared over 12.29%, indicating flat investor participation.

With a market cap of $1.93 Billion, it was ranked at 50 and had a total supply value of 16.24 Million.

The RSI line showed a negative crossover, indicating increased selling pressure on the chart. Similarly, the CMF indicator plotted a negative value and slipped below the zero line, conveying the bearish move.

DaanCrypto, in his recent tweet, said that AAVE was consolidating near its supply region and attempting to break its local highs.

$AAVE Some more consolidation and I want to see this attempt to break the yearly/cycle highs. Clear skies ahead if it can do so. $155 -> $260 would be on the board. https://t.co/JggF6NDQvh pic.twitter.com/r02vVK1Tez

According to Fib retracement levels, AAVE failed to cross the 61.8% resistance zone and reverted toward the 50% support trajectory near $120.

Development Activity Data Witnessed a Consistent Uptick

The bullish trend in AAVE’s development activity metric reflected a consistent rise, displaying sustained growth in the ecosystem. It showed a vertical rise, noted at 25.52, underscoring a positive sentiment.

However, the social dominance data continued to fluctuate, highlighting significant buzz. Noted at 0.267%, it conveyed a rise in investor chatter for the token and heightened online discussions on the media platforms.

The network growth line observed a massive downtick during the three-day bearish streak. It dropped below the median line, indicating new addresses lost interest.

Likewis,e the velocity line showed a downtick at 2.093, indicating a reduced transfer. It conveyed less activity involving AAVE.

Its Futures Open Interest dropped over 10.20% to $126.29 Million, reflecting a long unwinding move in the last 24 hours. If AAVE takes the support at around $125, it might show a pullback.

Aave (AAVE) could aim to sustain above the $135 mark, followed by the resistance mark of $142. If the token continues the bearish reversal; the token may reach the lower support region of $115. This would be followed by $110 in the near term.

The above is the detailed content of AAVE Struggles Near Supply Zone: Price Analysis. For more information, please follow other related articles on the PHP Chinese website!

source:php.cn
Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Latest Downloads
More>
Web Effects
Website Source Code
Website Materials
Front End Template
About us Disclaimer Sitemap
php.cn:Public welfare online PHP training,Help PHP learners grow quickly!