Aave (AAVE) Price Analysis and Updates
As it is known, the cryptocurrency market fluctuates and each crypto coin has its own dynamics within the market. Aave (AAVE), one of the top 50 cryptocurrencies according to CoinMarketCap, recently experienced a price drop ushering in the new week. At the time, AAVE’s price had fallen by more than 3% during the most recent trading day, making it worth $78.17.
AAVE’s Trading Volume and Market Performance
AAVE did not just experience a drop in price but also a significant decrease in its daily trading volume. Over the past day, AAVE’s 24-hour trading volume diminished by more than 56%, settling at approximately $90,477,179.
With regards to its performance in relation to other market leaders, AAVE showed a slightly weakened position against both Bitcoin (BTC) and Ethereum (ETH). It declined 3.25% and 2.86% respectively against these cryptocurrencies. However, it’s worth noting that despite the cryptocurrency’s decline, it managed to keep its weekly performance in the green, showing an overall increase of 8.91%.
AAVE’s Market Capitalization and Ranking
AAVE’s market cap stands at a strong $1,133,571,984, which puts it at the 40th position in terms of the largest cryptocurrencies. This lands AAVE just behind Quant (QNT), which sits at the 39th position. Following closely behind AAVE is The Graph (GRT), with a market cap of $1,098,903,054.
2-hour chart for AAVE/USDT (Source: TradingView)
Recent AAVE Price Fluctuations
Over the past 6 hours, AAVE’s price was repelled by a major resistance level at $79.80. This resistance resulted in a drop in AAVE’s price, bringing it down to $77.37. Despite this decline, bullish investors managed to rally, closing the 2-hour candle at $78.09. Following this rather positive close, AAVE’s price continued to rise and is currently trading around this last mentioned level.
Bullish Predictions for AAVE
At the time of analysis, a bullish shooting star candlestick appeared to be forming on AAVE’s 2-hour chart. If this bullish signal gets confirmed, expectations are that the altcoin’s price may surpass the aforementioned resistance of $79.80 in the coming hours (approximately 8 hours following analysis). With this resistance level surpassed, further projections suggest that AAVE may have a clear path toward reaching $82.83.
Bearish Predictions for AAVE
On the contrary, if AAVE’s price faces rejection at the $79.80 resistance level within the next 24 hours, the possibility of a price drop to the crucial support level of $76.71 looms over the next 48-hour period. With continued sell pressure, it could even force AAVE’s price down to as low as $73.98.
Disclaimer
The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must conduct their own research and due diligence. All actions taken based on the information provided herein are strictly at the reader’s own risk. Coin Edition and its affiliates accept no liability whatsoever for any direct or indirect losses or damage incurred due to the use of this information.