CLC Cryptolist Club logo CLC Cryptolist Club logo
Cryptoknowmics 2022-06-28 23:30:32

AAVE Technical Analysis: Retracement Within Wedge Warns $50 Fallout

AAVE prices crash drastically within the falling wedge pattern, accounting for an 80% drop. Will the supply dump break under $50? Key technical points: The market price has decreased by 1.73% over the past 24 hours. The price action shows an increase in selling pressure near the resistance trendline. The 24-hour trading volume of AAVE is $133 Million, indicating a rise of 16%. Past Performance of AAVE AAVE price action shows a falling wedge pattern resulting in an 80% fall from $245 to $50, but the recent bullish reversal challenges the resistance trendline. However, the falling trend in the trading volume and the higher price rejection in daily candles warn of a bearish retracement. Source- Tradingview AAVE Technical Analysis The daily candles start to showcase wick formations reflecting higher price rejection from the resistance trendline. Hence, traders can expect a downtrend in AAVE price, retesting the support trendline and the $50 fallout. The DMI indicator displays the DI lines merged with no significant alignment in the daily chart. Moreover, the free-falling ADX line reflects a drastic loss in trend momentum. The RSI indicator indicates a slow bearish turnaround from the halfway line resulting in a retracement closer to the 14-day SMA. Hence, the indicator showcases a loss in underlying bullishness, teasing an upcoming downfall in market prices. The MACD indicator displays the growing bearish influence on the fast and...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.