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Aave Price Prediction for Today, 12 November: AAVE Trends Lower

Aave Price Prediction for Today, 12 November: AAVE Trends Lower
Aave Price Prediction for Today, 12 November: AAVE Trends Lower

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Sellers’ momentum is increasing in Aave market

Aave (AAVE) Price Analysis – 12 November

A downward movement may take the Aave below $57, a further bearish movement is expected to the support level of $47 which will expose the coin to the support level of $35. At the moment, the key resistance levels to watch out for lie at $63, $77, and $94.

AAVE/USD Market

Key Levels:

Resistance levels: $63, $77, $94

Support levels: $57, $47, $35

AAVEUSD Long-term Trend: Bearish

Aave is under the bears’ control.  It started a bearish trend on 17 August; this is clearly noticed when the bearish engulfing candle broke down the support level of $94. More bearish candles continue to emerge and the price declining toward the $65 support level. The cryptocurrency pulled back to retest the resistance level of $94 on 05 November. The sellers restored bearish movement into the market with the formation of bearish engulfing candles. The price declines and currently testing $58 support level.

 

The daily chart has shown that sellers are dominating the market. The price is trading below the 9-periods EMA and 21-periods EMA. A downward movement may take the price below $57, a further bearish movement is expected to the support level of $47 which will expose the coin to the support level of $35. At the moment, the key resistance levels to watch out for lies at $63, $77 and $94. Relative Strength Index (14) is moving down at 35 levels, indicating a further downward movement.

AAVEUSD Medium-term Trend: Bearish

Aave’s performance has been very bearish in the 4-hour chart; this may be due to the inability to break up the resistance level of $94 by the bulls.  Persistence pressure from the sellers of AAVE also contributes to the bearish movement. The market is moving lower and this may continue unless the support level at $57 holds.

The price is trading below 9-periods EMA and 21-periods EMA as an indication that the bears are in control. The Relative Strength Index period (14) is bending down at 48 levels to indicate the sell signal.

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