2022-06-28 23:30:32

AAVE Technical Analysis: Retracement Within Wedge Warns $50 Fallout

AAVE prices crash drastically within the falling wedge pattern, accounting for an 80% drop. Will the supply dump break under $50? Key technical points: The market price has decreased by 1.73% over the past 24 hours. The price action shows an increase in selling pressure near the resistance trendline. The 24-hour trading volume of AAVE is $133 Million, indicating a rise of 16%. Past Performance of AAVE AAVE price action shows a falling wedge pattern resulting in an 80% fall from $245 to $50, but the recent bullish reversal challenges the resistance trendline. However, the falling trend in the trading volume and the higher price rejection in daily candles warn of a bearish retracement. Source- Tradingview AAVE Technical Analysis The daily candles start to showcase wick formations reflecting higher price rejection from the resistance trendline. Hence, traders can expect a downtrend in AAVE price, retesting the support trendline and the $50 fallout. The DMI indicator displays the DI lines merged with no significant alignment in the daily chart. Moreover, the free-falling ADX line reflects a drastic loss in trend momentum. The RSI indicator indicates a slow bearish turnaround from the halfway line resulting in a retracement closer to the 14-day SMA. Hence, the indicator showcases a loss in underlying bullishness, teasing an upcoming downfall in market prices. The MACD indicator displays the growing bearish influence on the fast and...

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