Sellers Dominate Market, Targeting $47 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

Aave (AAVE) Price Analysis – June 18

Currently, the key resistance levels to watch out for lies at $62, $77 and $94. A downward movement may take the price to $47. A bearish breakout is expected at the support level of $47 which will expose the coin to the support level of $40 and $35.

AAVE/USD Market

Key Levels:

Resistance levels: $62, $77, $94

Support levels: $47, $40, $35

AAVEUSD Long-term Trend: Bearish

Aave is under bears’ control.  It started a bearish trend on 06 April; this is clearly noticed when the bearish engulfing candle broke down the support level of $190. More bearish candles continue to emerge and the price declining towards the $94 support level. The cryptocurrency broke down the just mentioned support level targeting a $47 support level at the moment.

The daily chart has shown that sellers are dominating the market. The price action has formed a double bottom chart pattern on the daily chart. Currently, the key resistance levels to watch out for lies at $62, $77 and $94. A downward movement may take the price to $47. A bearish breakout is expected at the support level of $47 which will expose the coin to the support level of $40 and $35. The Relative Strength Index (14) is moving towards the oversold region, indicating a further downward movement.

AAVEUSD Medium-term Trend: Bearish

Aave’s performance has been very bearish in the 4 hour chart; this may be due to a persistence pressure from the sellers of AAVE. In other words, the price actions remain in as downward trend for many weeks ago. The market is moving lower and this may continue unless the support level at $47 holds.

The price is trading below 9 periods EMA and 21 periods EMA as an indication that the bears are in control. The Relative Strength Index period (14) moves into the overbought zone and the signal line pointing down to indicate the sell signal.