- Aave is currently trading at $72.55 while witnessing a 0.10% gain during the intraday session.
- Aave price witnessed an annual high on February 19, 2023, where Aave price had reached $95.50.
- The year-to-date return of the Aave price is 39.65%, and three-month return is 0.58%.
In February 2023, Aave price witnessed a growth of 78.60% from the lows of $52 while forming an annual high of $95.50. From there, the market structure turned bearish while the AAVE price shattered several support levels, showing the declining flow.
The rise in participation of sellers remained the same for a while. The bearish momentum sustained for the 2nd and 3rd quarter of 2023 with a $47.30 support level on June 10, 2023. Then, the Aave price witnessed upward momentum with a gain of roughly 74.20%, while the $88 resistance level was on June 14, 2023.
Source: AAVE/USDT by TradingView.
From that resistance level, the price has been in the downward momentum forming lower lows since it achieved an annual high. If the price can gain bullish momentum and rise above the high of the previous candle, there is a possibility for the price to retest the resistance level of $81.60.
Aave deployed its V3 iteration on the Ethereum blockchain network on January 27, while its unique address count reached the 10,000 milestone in the previous six months. Hence, Aave Price has accomplished $2.24 Billion in deposits and $756.93 Million in loans, with a market capitalization of $1,054,094,705.
Technical Analysis
Source: AAVE/USDT by TradingView.
The Relative Strength Index (RSI) trades at 52.56 during the intraday session. RSI denotes the same momentum from the bears and bulls in the market as the AAVE price has reached the consolidating zone.
The Chaikin Money Flow score is -0.17; the CMF moves in downward momentum, and the rise in participation of sellers in the market remains the same in the past 24 hours.
The Bitcoin SV price is currently trading above the 20, 50, 100, and 200-day EMA, indicating strength in the market. Hence, there is a downward momentum in the price from the previous week.
The long and short ratio is 0.9996, with longs at 49.99% and shorts at 50.01%, indicating a slight difference of 0.01%, representing the same pressure from the sellers and buyers of the market.
Conclusion
The market structure of Aave price represents the rise in participation of buyers in the market from the current support level. The price has begun to reflect the bullish momentum since the last high of $88.
Several factors in a gain of AAVE price are the deployment of V3 iteration on the Ethereum network. This move results in achieving 10,000 unique addresses in just a six-month time frame. Investors should look out for both selling and buying opportunities in the short run.
Technical Levels:
Major support: $63 and $47
Major resistance: $88 and $95
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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