Aave (AAVE) Price Analysis – June 20
the key resistance level to watch out for lies at $59, $77 and $94. A downward movement may take the price to $47. A bearish breakout is expected at the support level of $47 which will expose the coin to the support level of $38 and $34..
Resistance levels: $59, $77, $94
Support levels: $47, $38, $34
AAVEUSD Long-term Trend: Bearish
Aave is under bears’ control. It started a bullish trend on 31 May; this is clearly noticed when the bearish engulfing candle broke down the support level of $94. More bearish candles continue to emerge and the price declining towards the $59 support level. The cryptocurrency broke down the just mentioned support level targeting a $47 support level at the moment.
The daily chart has shown that sellers are dominating the market. The price action has formed a bullish candles on the daily chart. Currently, the key resistance level to watch out for lies at $59, $77 and $94. A downward movement may take the price to $47. A bearish breakout is expected at the support level of $47 which will expose the coin to the support level of $38 and $34. The Relative Strength Index (14) is moving away from the oversold region, indicating a bullish reversal.
AAVEUSD Medium-term Trend: Bearish
Aave’s performance has been very bearish in the 4 hour chart; this may be due to a persistence pressure from the sellers of AAVE. In other words, the price actions remains in a downward trend for many weeks ago. The market is moving lower and this may continue unless the support level at $47 holds.
The price is trading above 9 periods EMA and 21 periods EMA as an indication that the bulls are preparing to dominate market. The Relative Strength Index period (14) pointing up at 56 levels to indicate the buy signal.