- AAVE’s price declined by over 3% in the past trading day.
- AAVE’s 24-hour trading volume decreased by over 56%.
- AAVE’s price may surpass the resistance level of $79.80 or decline towards $76.71.
Aave (AAVE), among the prominent cryptocurrencies within the top 50, experienced a decline in its price as the new week commenced. According to CoinMarketCap, a leading platform for monitoring the crypto market, AAVE’s value stood at $78.17 at the time of reporting. This figure reflects a decrease of over 3% in the past trading day.
AAVE was observed to be trading near its daily low of $77.23, indicating a downward trend. Additionally, the 24-hour trading volume of AAVE experienced a significant decline of over 56% within the previous day, resulting in a current volume of approximately $90,477,179.
The decline in the altcoin’s price resulted in a decrease in its value compared to the leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), by 3.25% and 2.86%, respectively. Nevertheless, AAVE’s performance over the week remained positive, with a solid gain of +8.91%.
With a market capitalization of $1,133,571,984, AAVE secured the 40th spot among the largest cryptocurrencies, closely trailing Quant (QNT) at the 39th position. Notably, The Graph (GRT) followed closely behind AAVE, occupying the subsequent rank with a market cap of $1,098,903,054.
AAVE encountered strong resistance at the significant level of $79.80 during the previous six-hour period, resulting in a decline to $77.37. Nevertheless, bullish investors intervened and pushed the price back up, closing the two-hour candle at $78.09. Subsequently, AAVE’s price experienced further upward movement and is currently trading at its present level.
In addition, it is worth noting that AAVE’s 2-hour chart shows signs of a bullish shooting star candlestick formation. If this pattern is validated, the altcoin’s price could surpass the resistance level of $79.80 within the next 8 hours. Once this hurdle is overcome, it may pave the way for a potential climb towards the $82.83 mark.
Alternatively, should AAVE encounter resistance at the $79.80 level in the next 24 hours, there is a possibility of a subsequent decline towards the critical support level at $76.71 within the subsequent 48 hours. Persistent selling pressure could drive AAVE’s value down to as low as $73.98.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
