Since the past week, the AAVE price is on a downswing. The price was uptick till February 12, 2021. Thereafter it started falling. The closing price of AAVE, as of February 16, 2021, is $432.36. In the last 4 days, the price has dropped by approx. 22%. In the past 24 hours, the AAVE price is fluctuating between $400-$462.52. https://ift.tt/3dmQV1M How AAVE Looks Ahead Today, AAVE started trading at $432.24. Currently, it is trading at $417.33. The price is downtick. A couple of hours back, the price was close to the lower Bollinger band indicating high selling pressures. The price was also below the 20-day SMA. Thereafter, the price line has slowly started moving towards the upper band. It is also above the 20-day SMA now. Hence, a trend reversal may occur. The A/D and OBV indicators are downward sloping. So, whale distribution is very high. High selling volumes will lead to a further price dip. The price will struggle to break out of the downtrend. However, the AO indicator has turned positive. The ‘buy’ signals are gaining strength. The MACD and signal lines have turned positive too. Moreover, a bullish crossover by the MACD line over the signal line points towards a trend reversal. The Stochastic oscillator is above the 80% mark into the ‘overbought’ region. Thus, buying pressures are slowly building up. It is a good time for swing traders to go short. The price may gradually start rising. Besides, the RSI indicator has rallied from the 30% mark. It is currently at 65%. However, it has faced a bearish swing rejection at 70%. The bearish market momentum is still strong. The ADX line has fallen. The price has fallen too. Thus, the price downtrend is very strong. Intermittent price increases were just corrective actions by the market. Presently, the price is much below the Fibonacci pivot point of $431.51. It may fall below the first Fibonacci pivot support level of $407.70, in some time. The price tested the 23.6% FIB retracement level of $414.75 and managed to go past it for some time. However, it has fallen below this level again. Now, it is trying to retest this level. To sum up, the overall trend is bearish and we can expect the price downtrend to continue tomorrow as well.
The post AAVE Fluctuating Between $400-$462.52 appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
