- The Aave price analysis is bearish today.
- The price has been pushed down to $306.
- Bulls to find new support to replace $307?
The Aave price analysis is giving bearish signals for today as well. The circumstances have continually favored the bears as the price levels are dropping at a regular rate. Right now, the price is present at $306 and is expected to move towards a lower position in the coming time. This might cause further damage to the cryptocurrency market value, which has already experienced a great downfall.
AAVE/USD 1-day price chart: The situation worsens for the sellers as the price seizes below $307
The 1-day price chart for Aave price analysis is predicting loss, as the price levels have fallen to a new level today as well. The drop has been taking place on a regular scale as today the price has breached the $307 support level. Currently, the AAVE/USD price is standing at the $306 level and is expected to move towards a lower range as well. Meanwhile, the moving average (MA) value for the price chart is found at the $319 level.
The bearish trend has been quite stable for the past few days, and the volatility has been mild as well. The upper and lower Bollinger band values above are now at $340 and $304, respectively. The Relative Strength Index (RSI) score has gone downwards as well as it is now at a lower level of 43.
Aave price analysis: Recent developments and further technical indications
The hourly Aave price analysis is giving us negative hints regarding the recent trends. The price break out was upwards at the start of today’s session, but bears intervened in between and caused severe damage. The bulls are again trying to lift the price but haven’t covered the loss yet. This has resulted in a huge setback as the price is now present below the support level, i.e., $307. The current price is $306. The moving average for the given price chart is at a much stable position, i.e., at $306.6.
The Bollinger bands values have also changed since the volatility has increased, and now the upper value is at $332, and the lower value is at $294. The RSI score has improved recently as the RSI shows an upwards curve on the 4-hour chart at index 39 value.
As the bearish slope has continued today as well, the technical indicators chart is giving a negative indication for the buyers. There are a large number of indicators, i.e., 15 at the selling position, with only one settling at the buying and 10 indicators at the neutral positions.
The Moving Averages Indicators display almost similar results, with 13 indicators spotted at the selling position, one at the neutral, and one indicator found at the buying position. The Oscillators are also favoring the bears since the price movement has been downwards for a couple of days. Nine oscillators are found at the neutral position, while two oscillators are resting at the selling and zero at the buying positions.
Aave price analysis conclusion
From the above 4-hours and 1-day Aave price analysis, it can be confirmed that the price levels are entering the danger zone. The price flow has broken down different support levels as well, and new support is to be found below the $307 range if the bearish momentum continues. The AAVE/USD price is currently settled at the $306 mark, and it can be predicted that it will go down further from here as well. This might leave damaging effects on the price value so far as the selling momentum continues to go high. But some chances for recovery are also there as the RSI on the 4-hour chart is giving hints for improvement.
Aave price analysis: Bearish trend aggravates as price experiences downfall to $225
Downtrend lowers coin value to $225.6
Aave price analysis shows downtrend.
Support is present at $219.27 level.
The latest Aave price analysis shows signs of a downtrend, as the price underwent a substantial decline in the last 24-hours. If we analyze the market situation from a general overview, the past few weeks have proved to be highly supportive for the buyers. A constant downtrend has been on the rise, and a similar trend was observed even today, providing opportunities to the buyers waiting for a lower price, as the market price of AAVE/USD was brought down to a $225.57 low.
AAVE/USD 1-day price chart: Downtrend causes price depression up to $225
The one-day Aave price analysis confirms a bearish trend for cryptocurrency, as the AAVE/USD value is going through a drop. A considerable degree of downfall in coin value is being detected due to rising bearish pressure. If the sellers remain persistent, it can be predicted that the price will lower further in the next few weeks. The price is now standing at $225.57, which is a relatively lower level if we compare it to its moving average (MA) value of $253.78.
The volatility is expanding because of the continuous extension in the downward trend. The upper end of Bollinger Bands Indicator is now at $339.6 position, whereas its lower back is standing at $219.3 place. The Relative Strength Index (RSI) score has gone below the under-bought limit now as the score is touching 29.33.
Aave price analysis: Bears strike back by bringing price down to $225 again
The four-hour Aave price analysis dictates a downtrend as the bears have been maintaining their lead quite efficiently. Although the bulls managed to upgrade coin value in the earlier hours of the day, the bears have successfully secured their lead once again. The downtrend has resulted in price devaluation up to the $225.49 mark, encouraging the sellers. If we discuss the moving average indicator, then its value is currently $233.64.
The Bollinger bands average has moved down to $242.44 because of the constant decreasing trend. The upper band of Bollinger Bands Indicator is now touching the $268.65 mark, and the lower band is touching the $216.24 mark. The RSI curve is moving descendingly as the score is now 31.
The technical indicators chart for AAVE/USD predicts a downtrend for the market, as the sellers have dominated it for the past few weeks. We can see 15 indicators settling on the selling position, ten occupying the neutral position, and one buying position.
The Moving Averages Indicator is following a definite bearish trend as well. Fourteen indicators are present on the selling side, while one indicator is on the neutral and zero indicators are on the buying side. On the other hand, the Oscillators are giving a neutral hint for today as nine oscillators are at the neutral point, and one indicator each is on the selling and buying points.
Aave price analysis conclusion
The one-day and four hours Aave price analysis are giving support for the sellers, as a consistent drop in AAVE/USD value is being observed. The price lowered to $225.57 in the last 24-hours, as the bears were leading the game even today. The hourly price chart displays red candlesticks as well, which means that the bears have been ruling the market for the last four hours.
ATOM, LINK, VET, AAVE & CRV To Breakout This Week! Here’s What Traders Can Expect
As Bitcoin recovers from its free-fall and trades above $65,800, altcoins too have geared up. The defi protocols ETH and BNB are up by 1.5 and 1.2% respectively. XRP too is up by 1.5%. However, ADA and SHIB have failed to pick up as they trade in red as of now.
As the digital asset market prepares for a new phase of the bull cycle, crypto expert Michal van de Poppe has identified five altcoins that he believes will perform well.
The trader tells his 144,000 YouTube subscribers in a new strategy session that he’s keeping a close eye on Cosmos, a project dubbed “the internet of blockchains.” Van de Poppe believes Cosmos will trade in a wide range versus Bitcoin (ATOM/BTC) before bottoming out.
He says the entire region [0.00045 BTC – 0.00037 BTC valued $29.19 – $24] is definitely what he is looking for as a potential entry point in the near future.
At the time of writing, ATOM is trading at $33.08 up by 1.5% in the last 24 hours. The resistance on the upside is at $33.4 from here.
Chainlink, a decentralized oracle network, is the second altcoin on Van de Poppe’s radar. Chainlink (LINK/BTC) is still in a downturn, according to the crypto researcher, but he expects the pair to start rallying early next year.
“We may be nearing the conclusion of this corrective period, and we may want to split this one up and flip some levels before continuing.”
He explains that at this point, moving averages are also coming into play, resulting in this sideways motion, but once the moving averages are flipped, this is absolutely one he wants to purchase.
At the time of writing LINK is trading at $34.17 up by 0.6% in the last 24 hours. The immediate resistance on the upside is at $34.43, while the support to fall back to is at $32.83.
The curve is the governance token of Curve Finance, a stable coin-focused decentralized exchange (DEX). The curve is exhibiting some momentum versus Bitcoin (BTC/CRV), according to the trader, but the pair must break through the barrier at 0.0001 BTC ($6.49) to continue bullishly.
At the time of writing, CRV is trading at $4.13 down by 2.8% in the last 24 hours. The immediate resistance on the upside is at $4.25 and the support to hold on to is at $4.6.
The loan and borrowing protocol Aave is ranked fourth on Van de Poppe’s list. AAVE/BTC, according to the crypto analyst, is just one barrier away from beginning a major surge.
He says he is anticipating acceleration all the way to the highs (0.01 BTC worth $646.56) if we break through this one (0.005690 BTC worth $367.89), most likely to the opposite side of the range.” We’ve seen this happen before.”
At the time of writing, AAVE is trading at $315.88 up by 0.7% in the last 24 hours. The resistance from here is at $318 and the support is at $311.
VeChain, a supply chain management blockchain, is the last altcoin the analyst is looking at. According to Van de Poppe, VeChain is still in a slump against Bitcoin (VET/BTC), although support at 0.0000015 BTC ($0.09) could lead to a trend reversal.
He explains that we’re seeing lower highs and lower lows here, and he believes we’ll see a retest at these lower boundaries. Before we start expanding into a new cycle, you want to get a retest going in this region here, but obviously, a lovely one that is experiencing those cycles.
At the time of writing, VET is trading at $0.166868 up by 3.5% in the last 24 hours. It is currently at its 24 hour high after bouncing off from the $0.155240 level.
AAVE can suffer from the same flaw that caused Cream’s hack; users start withdrawing funds
The Cream Finance (CREAM) protocol was the victim of three attacks in October, as reported by CriptoFácil. Now, the same risk could affect one of the largest decentralized finance networks, Aave.
According to a Delphi Digital report, the Aave protocol would be subject to the same vulnerability that affected CREM last month. Consequently, investors would be starting to withdraw funds from the protocol.
This sequence of events caused a sharp 25% drop in Aave’s liquidity. For a brief period, AAVE loan rates were much higher than composites and manufacturers.
Founder of Tron withdraws BRL 23 billion
The most emblematic case of withdrawing funds was that of Justin Sun, founder of the Tron Network (TRX). Three days after CREAM was hacked, Sun withdrew $4.2 billion from Aave. The amount, in current values, corresponds to R$ 23.5 billion.
Almost half of the amount (R$ 12 million) was in Ether (ETH), while R$ 6.3 billion correspond to stakes in stablecoin USDC. Other stablecoins and a bit of Bitcoin (BTC) were also part of Sun’s portfolio.
The lawsuit was reported by Chinese journalist Colin Wu on Oct. 30, when the amount was withdrawn. According to Wu, Sun would have withdrawn the money after the community proposed to freeze and disable loans.
Aave’s governance team voted on the proposal with the aim of mitigating the risk of attacks, bringing rates closer to the market average. While the proposal itself is not of concern, it confirms that there may indeed be a flaw in the protocol.
Concern affects Aave’s liquidity
If it is a failure that can generate a flash loan – the same attack that took place against CREAM – the losses would be very severe. According to the DeFi Pulse website, Aave is the third DeFi protocol in allocated value, with more than US$ 14 billion (R$ 78 billion at the current price).
in an attack of flash loan, the attacker often uses manipulation to cause price drops. However, it is also possible to use the mechanism to divert funds from projects. In the case of the last attack on CREAM, it was precisely the second case that happened.
According to data from Delphi Digital, Aave has suffered a significant loss of resources in recent days. The protocol had more than US$22 billion in allocated value, but fell below US$15 billion. In total, Aave has lost 32.7% of its allocated value since the end of October.
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