Sellers Are Dominating Aave market
Aave (AAVE) Price Analysis – September 03
The key resistance levels to watch out for lies at $29, $42 and $58. A downward movement may take the AAVE to $10. A bearish breakout is expected at the support level of $10 which will expose the coin to the support level of $08 and $05.
Resistance levels: $29, $42, $58
Support levels: $10, $08, $05
AAVEUSD Long-term Trend: Bearish
Aave is under bears’ control. The bearish movement commenced on 02 April; this is clearly noticed when the bearish engulfing candle broke down the former support level of $58. More bearish candles continue to emerge and the price tested the $10 support level. It bounced back and retested the resistance level of $29. At the moment, the cryptocurrency is yet to break down the support level of $10.
The daily chart has shown that sellers are dominating the market. The price is trading below the 9 periods EMA and 21 periods EMA. At the moment, the key resistance levels to watch out for lies at $29, $42 and $58. A downward movement may take the price to $10. A bearish breakout is expected at the support level of $10 which will expose the coin to the support level of $08 and $05. The Relative Strength Index (14) is moving down at 32, indicating a further downward movement.
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AAVEUSD Medium-term Trend: Bearish
Aave is bearish in the 4-hours’ time frame. The Crypto has been very bearish in the 4 hour chart; this may be due to a persistence pressure from the sellers of AAVE. The buyers made attempt to push up the price but sellers oppose the movement at $29. The price actions remains as downward trend for many days ago. The market is moving lower and this may continue unless the support level at $10 holds.
The price is trading below 9 periods EMA and 21 periods EMA as an indication that the Sellers are in control. The Relative Strength Index period (14) is bending down at 43 levels to indicate the sell signal.
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