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The price of AAVE stock fell by more than 10%, reaching $158.
In contrast, its daily trading volume increased by 241%.
A 1.9% rise in the cryptocurrency market has led to waves of ups and downs in prices. Major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), have seen significant increases, currently trading at $90,000 and $3,000 respectively. As for altcoins, the price of AAVE dropped by more than 10.26%.
During the morning hours, the price of AAVE reached a high of $176.99. As the market declined, the price dropped to a low of $157.18. If this decline continues, the price may sharply fall to its previous lows.
At the time of writing this report, AAVE is trading at around $158.68, while the market cap is $2.38 billion. Additionally, the daily trading volume has increased by over 241%, reaching $659.47 million. Meanwhile, a liquidation of $1.85 million for AAVE shares was observed in the market during the past 24 hours.
How far can the momentum of the AAVE indicator drop?
Both the Moving Average Convergence Divergence (MACD) line and the signal line for the AAVE indicator remain below the zero line, indicating a strong bearish trend. The short-term trend lags behind the long-term trend. Notably, the Chaikin Money Flow (CMF) indicator at -0.17 suggests selling pressure in the market, as money flows out of this asset.
AAVE chart (Source: TradingView)
The Buy and Sell Pressure (BBP) indicator for AAVE, at around -22.79, indicates strong bearish dominance. This negative value suggests sellers are in control of the market. Furthermore, the daily Relative Strength Index (RSI), at 23.29, indicates that the asset is in the oversold area. This presents a potential buying opportunity or trend reversal, noting that it may remain in the oversold area during strong downturns.
The AAVE/USDT trading pair shows a downward trend, and the price may drop to the support level at around $155.47. If the downward trend continues, selling pressure may lead to a death cross, pushing the price below $152.39. Assuming the asset turns bullish, the price of AAVE may rise to the resistance level at $161.75. Further upward pressure could lead to a golden cross, pushing the asset to its previous high levels at around $164.88.$SOL
