AAVE Price Analysis: AAVE Coin is Facing Correction after Breaking out of this Falling

• AAVE price is trying to sustain out of the falling wedge pattern over the daily price chart.
• AAVE crypto is trying to sustain at 20 EMA and is still behind 50, 100 and 200-days Daily Moving Average.
• The pair of AAVE/BTC is at 0.003043 BTC with an intraday gain of 1.46%.

AAVE price has escaped the falling wedge pattern over the daily price chart. However, it looks like AAVE bulls are trying to sustain at the current level and they are facing short-selling pressure. AAVE bears are trying to pull the token back inside the falling wedge pattern. AAVE investors need to wait for any directional change over the daily price chart.

AAVE price is currently CMP $58.59 and has gained 3.17% of its market capitalization in the last 24-hour period. The intraday trading session saw a 48% rise in trading volume. This demonstrates that bulls are attempting to accumulate so that they can susten AAVE coin out of the falling wedge pattern. Volume to market cap ratio is 0.1861.

AAVE coin price has finally broken out of the falling wedge pattern over the daily price chart. AAVE bulls have successfully registered the token’s recovery phase. However, the token still falters to sustain and looks like ite may end up getting stuck inside the falling wedge pattern. Meanwhile, volume change can be seen below average and needs to grow for AAVE to sustain at the current level. AAVE crypto is trying to sustain at 20 EMA and is still behind 50, 100 and 200-days Daily Moving Average.

Will AAVE bull sustain or get detained? 

AAVE price has escaped the falling wedge pattern over the daily price chart. AAVE bears are trying to pull the token back inside the falling wedge pattern. Technical indicators suggest the downtrend momentum of AAVE coin. Relative Strength Index showcases the downtrend momentum of AAVE coin. RSI is at 40 and is below neutrality heading towards oversold territory. 

MACD exhibits the struggling phase of AAVE out of the falling wedge pattern. The MACD line is ahead of the signal line and is approaching towards the signal line for a negative crossover. AAVE investors need to wait for any directional change over the daily price chart.

Conclusion

AAVE price has escaped the falling wedge pattern over the daily price chart. However, it looks like AAVE bulls are trying to sustain at the current level and they are facing short-selling pressure. However, the token still falters to sustain and looks like ite may end up getting stuck inside the falling wedge pattern. Meanwhile, volume change can be seen below average and needs to grow for AAVE to sustain at the current level. Technical indicators suggest the downtrend momentum of AAVE coin. The MACD line is ahead of the signal line and is approaching towards the signal line for a negative crossover. AAVE investors need to wait for any directional change over the daily price chart.

Technical Levels

Support Level: $55.00

Resistance Level: $65.00

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.