Aave is an open-source liquidity protocol that allows users to earn interest on deposits and borrow assets. It is a decentralized and non-custodial blockchain network. Thus, users can earn passive income on this platform and borrow under-collateralized or over-collateralized loans. AAVE is the prime governance token of this network. Let us look at the technical analysis for the same. Past Performance On Jun 22, 2021, AAVE opened at $212.56. On Jun 28, 2021, AAVE closed at $226.37. Thus, in the past week, the price has increased by roughly 6.5%. In the last 24 hours, AAVE has traded between $200.82 – $235.49. https://ift.tt/3dpVCa7 Day-Ahead and Tomorrow Currently, AAVE is trading at $234.15. The price has decreased from the day’s opening price of $235.49. Thus, the market seems bearish. The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising. Currently, the RSI indicator is at 77% – deep into the ‘overbought’ region. It faced rejection at 55% and rose to the current level. Hence, buying pressures are very high. High buying activity will exert upward pressure on the AAVE price. Moreover, the OBV indicator is upward sloping. Thus, buying volumes are slowly surpassing selling volumes. High buying activity will push the price further up. In short, all three indicators have given bullish signals. AAVE Technical Analysis Currently, the price is above the first Fibonacci pivot resistance level of $234.14. It may soon surpass the second and third resistance levels of $242.32 and $255.56, respectively. The price may soon test and rise above the 23.6% FIB extension level of $243.67. Thus, as of now, the bulls are strong. Hence, we can expect the price uptrend to continue tomorrow as well.
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