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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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