Can AAVE Crypto Show A Comeback?

Aave Network crypto plummeted by 4.07% in market value and surged by 6.52% in trading volume in the last 24 hours, as per the Coinmarketcap a crypto data analysis website. Its market value is $816,636,437 and its trading volume is $75,001,653. There are 14,524,022 AAVE in circulation. 

Aave coin’s (AAVE) open interest is $34.39 Million. As per Coinglass, another crypto analysis website, it fell by 5.74% in the previous session. The long versus short ratio in AAVE crypto for 24 hours is 0.8021. The total number of short positions added in the last 24 hours is $447.74 K against longs of $28.74 K. Aave (AAVE) has a fully diluted valuation (FDV) of $897,656,323. This is a theoretical market cap, assuming all 16 Million AAVE tokens are circulating today. As per the information and data website Coingecko. However, reaching the actual FDV in Aave may take years, depending on how the AAVE tokens are distributed over time.

The GHO Stability Module (GSM), is a system to keep the Aave stablecoin GHO stable. The GSM code, the results of the security audits, the changes in the design, and the future plans for the GSM are all shared publicly by AAVE.

AAVE coin price showed a downward trend from July 14th around $81, falling by making lower lows and highs and breaching multiple in-between supports. 

At the time of publication, the AAVE crypto price is trading around the recent support at $56.11, and the price is facing selling pressure and decreasing.

Therefore, the AAVE coin price could continue to move downward, If it fails to maintain the current level and reach the nearest support at $57.21 and $49.60. However, if the AAVE crypto price sustains the current level and increases, then it might hit the nearest resistance levels of $81.09 and $92.35.

AAVE Crypto Price Technical Analysis in the 1-Day Timeframe

AAVE Price Forecast 2023: Can AAVE Crypto Show A Comeback?
Source: AAVE/USD.1D.BITFINEX by TradingView

At the time of publishing, the AAVE coin price (BITFINEX: AAVE) is trading underneath or below the major EMA such as 20, and 50-day EMAs (exponential moving averages), which are rejecting the AAVE crypto price trend.

The MACD line at 3.25 and the signal line at 3.04 is below the zero line both lines cross each other and a bearish crossover is observed in the MACD oscillator, suggesting bearish signals. The current value of the RSI is 35.15 points and the 14-day SMA is below the median line at 34.90 points, which indicates bearish sentiments as the RSI is in bearish territory and highlighting bearishness.

Conclusion

AAVE coin price forecast highlights the bearish and negative sentiments and overview of investors and traders regarding the AAVE coin in the daily time frame. Aave price action highlights a downward or bearish view at the time of publishing. Moreover, the technical parameters of the Aave price suggest the continuation of the downtrend (lower highs and lows break of structure pattern) over the daily time frame chart. Major reliable and most sought indicators like RSI, MACD, and EMA, give negative or downward signals regarding the AAVE coin price.

Technical Levels:

  • Support levels: The nearest support levels are $57.21 and $49.60.
  • Resistance levels: The nearest resistance levels of AAVE are $81.09 and $92.34.
Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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