AAVE Technical Analysis: Moving Closer to the First Fibonacci Level of $414.27
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AAVE Technical Analysis: Moving Closer to the First Fibonacci Level of $414.27

April 13, 2021      Ankita Awasthi

In new technical analysis, AAVE is an open-source, blockchain-based liquidity protocol for borrowing digital assets and earning interest on deposits. It is also a platform for procuring flash loans – an uncollateralized loan on a DeFi platform. AAVE is the prime governance token of this blockchain ecosystem.

Past Performance

On April 6, 2021, price opened at $398.23. As of April 12, 2021, AAVE closed at $397.56. Thus, there has only been a slight decline in the price over the past week. In the last 24 hours, AAVE has traded between $397.50-$420.92.

AAVEPrice Analysis

https://www.tradingview.com/x/gK3gQbjr/

Day-ahead and tomorrow

Currently, AAVE is trading at $414.45. The price has increased from the opening price of $397.54. Thus, the market looks bullish.

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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 go up further.

The OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. There is bullish divergence here. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 36%. It was in the overbought region a few minutes back and thereafter fell to this level. Thus, selling pressures have increased. Hence, we can expect a price pullback.

AAVE Technical Analysis

As per technical analysis, the price is moving closer to the first Fibonacci pivot resistance level of $414.27. As some oscillators have given positive signals, we can expect the price to surpass this level soon.

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The price has tested and fallen below the 50% FIB retracement level of $409.21. If by day end, the price breaks out of the 23.6% FIB retracement level of $415.39, we can be assured that the bullish trend is strong. In that case, we can expect the price uptrend to continue tomorrow as well.

#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.