AAVE Technical Analysis: With Positive Signals, Price May Rally to $593.60
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

AAVE Technical Analysis: With Positive Signals, Price May Rally to $593.60

May 15, 2021      Ankita Awasthi

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 undercollateralized or overcollateralized loans. AAVE is the native token of this network and its technical analysis is as follows:

Past Performance

On May 8, 2021, AAVE opened at $445.22. On May 14, 2021, AAVE closed at $594.78. Thus, in the past week, the AAVE price has surged by roughly 34%. In the last 24 hours, AAVE has traded between $575.01-$611.00.

https://s3.tradingview.com/snapshots/u/US2hnh9K.png

https://s3.tradingview.com/snapshots/u/US2hnh9K.png

Day-Ahead and Tomorrow

Currently, AAVE is trading at $588.72. The price has decreased from the day’s opening price of $594.78. Thus, the market seems to be bearish.

READ  4 Entertaining Bitcoin Price Predictions for This Week

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 is at 65%. It faced rejection at 56% and rallied to the current level. Thus, buying pressures are high. Hence, like the MACD oscillator, the RSI indicator is pointing towards a price rise too.

The OBV indicator has started rising steadily. This implies that buying volumes are gradually overtaking the selling volumes. Hence, the OBV indicator is giving further credence to the price rise indicated by the other two oscillators.

AAVE Technical Analysis

Currently, the AAVE price is below the Fibonacci pivot point of $593.60. As the oscillators have given positive signals, we can expect the price to surpass the pivot point in some time.

READ  Cardano Is More Energy Efficient than Bitcoin, Says Founder

The price has tested and broken out of the 38.2% FIB retracement level of $588.76. It may soon break out of the 50% FIB retracement level of $593 as well. Thus, as of now, the bulls seem strong, and we can expect the price uptrend to continue today as well as tomorrow.

#AAVE
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.