- AAVE price broke its 70-week low on a strong sell-off.
- During the sale, trading volume increased by 37% in the last 24 hours.
- The price of AAVE coins with the bitcoin pair is trading down 5% at 0.002562 Satoshis.
The AAVE token was seen in the green zone as BTC looked above $20,000, but as BTC broke through the $20,000 level and reached $18,000 today, the price of AAVE is heading higher. is also recovered from its recent level of $50,000. fell below the lowest level.
However, AAVE investors faced an extended downtrend. Prior to the decline, bulls were celebrating a bullish rally in March, but buyers again failed to manage AAVE price above the conceptual $100 level, which acts as a key resistance zone.
Recently, the price of AAVE broke its 70-week low and traded below the $50 mark during a strong sell-off. So, at the time of this writing, AAVE coin is trading at $48.9.
Meanwhile, AAVE’s market capitalization fell 4.5% to less than $680 million in the past 24 hours, according to CMC. Additionally, the price of AAVE coins with the bitcoin pair is trading down 5% at 0.002562 Satoshis.
The accumulation seems to be weak if the bulls want to increase the AAVE token. But trading volume increased by 32% last night; Consequently, the bulls experienced a sudden drop and new year low.
Is the $50 mark a trend changing point?
In terms of the daily price chart, the AAVE price is trading below the 20- and 50-day exponential moving averages in the context of the daily price chart. Likewise, the daily RSI indicator is trending lower and has moved into overbought territory and could signal a trend reversal in the coming weeks.
Although the bulls have lost the crucial defensive zone, they can still attempt an upside move above the $50 mark.
Support level – $45 and $40
Resistance level – $80 and $100
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves risk of financial loss