AAVE Technical Analysis: Will AAVE Buyers Retain Dominance At $76?

The AAVE prices break below the support trendline, dropping below the 50-day EMA and endangering the bullish dominance at $76. Key Technical Points: The market price dropped by 27% last week. The correction phase results in a drop below the 100 and 50-day EMA. With a market cap of $1.18 billion, the intraday trading volume of AAVE has increased by 6.47% to reach $147 million. Past Performance of AAVE The AAVE price action shows a bearish reversal from the supply zone at $115, resulting in a bearish break out of the long-coming rising channel pattern. The bearish turnaround accounts for a 25% drop last week, resulting in a bearish breakout of the 50 and 100-day EMA. Currently, the projection displays a sideways trend with a bullish influence to retest the 50-day EMA breakout. Source – Tradingview AAVE Technical Analysis The AAVE price action displays a higher price rejection in the daily candle with a 1.55% drop undermining the 3.75% jump this Sunday. Hence the possibility of a downtrend continuation below the $76 support level increases. Last week’s bearish trend demolishes the chance of a bullish crossover between the 50 and 100 days EMA. As the RSI slope drops into the nearly oversold zone, a lateral trend develops, reflecting an increase in underlying bearishness. Moreover, the bearish gap increases between the fast and slow lines, reflecting an increase in the selling pressure. Hence, the technical indicators maintain a ne...