Main Takeaways:-
- AAVE’s indicators signalled a loss of momentum in buying pressure in the last ten days.
- A decline under $260 will be an early indicator of a further decline toward the lower range.
An AAVE whale purchased $15M of the altcoin after its fall to the $239-mark. This decline was observed as a value entry, with AAVE surging by 10% soon after. This happened before the crypto went down again at the time of writing.
More money coming in was helping support the positive trend at the time of writing.
Bullish Momentum Fades as AAVE Struggles at $280
On the 1-day chart, AAVE has been in an upward trend since May 8. The change to a bullish trend was marked in green, and since then, the coin has been making higher highs and higher lows.
The upward trend is still there, but in the last two weeks, the price has stayed between the same high and low points. This short period of sideways movement is worth looking at more carefully. Also, on the daily chart, the A/D indicator has not changed direction.
This might mean people are still buying the token steadily, but the buying has slowed down in the last ten days. The CMF indicator showed the same thing. It was at +0.06 when this was written, which means good money coming in, but it fell from +0.23 on May 25.
At the same time, the RSI showed the market is still strong. But if it falls below the middle 50 level, it might be a sign that the trend is about to change.
The 4-hour chart showed the price moving between $240 and $280 for the past two weeks. The middle point of this range is $260. When this was written, the price had dropped below $260.
Finally, the A/D indicator and CMF showed that buying was still happening. But the RSI was at 49.3, which means selling pressure was starting to grow.
Read also:- Crypto Dips, Tesla Tumbles 14% as Trump-Musk Drama Unfolds
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
No Comment! Be the first one.