AAVE ranked 49th by market cap. According to Chainbroker, the fundamentals are highly rated at 8.55 out of 10. However, AAVE’s price action has been a bit suspect, here’s why.
Meanwhile, it has strong support from various organizations that have made multiple investments in the asset. The most popular sponsors are @Blockchain Capital, @Blockchain.com Venturesand a few more.
Even the asset has proven to be socially active, with a Twitter following of over 576 and a significant number of followers, such as @Sam Bankman and others.
What does AAVE price action mean?
At the time of writing AAVE managed to rally 6% but found it difficult to break through the 50-day and 200-day EMA bands.
AAVE The price has risen more than 27%, with a sharp jump from the $90 support over the past week.
Investors who copied large amounts waited AAVE break through the EMA bands and quickly rise in the north direction.
This support has been tested multiple times in AAVE and has proven to be resilient on the daily chart.
Overall, the scenario looks like one of range-bound movement. The price has shown movement in the range of $80 to $120 over the last 12 months (at press time).
On July 5, the price rallied due to a liquidity grab after a strong decline that took the stock below $70, but the bulls recovered and showed more than 40% gain in the last 40 days. Where, AAVE The last trading price was $95.94, the market capitalization was 1.43 billion, and the spot volume was $120.91 million.
What is the outlook for AAVE?
Because AAVE The price has shown a run from the lower boundary of the range to the upper boundary, mostly. Then, in a bullish case, a short-term rise can lead to the upper boundary, pleasing traders and cruisers in the asset.
However, the price is showing a struggle at the upper boundary and history is a testament to that. Based on this hypothesis, once it clears, piercing it, the bullish arrow may pierce the barrier, which may lead to the target prices of $134.01 and $145.01.
But, AAVE A drop below $80.01 would signal a worsening break below the lower end of the range, where $60 could be support to watch.
At the time of writing, indicators were showing mixed signals and price was being held back by both the 50-day and 200-day EMA bands, which was stopping the rally.
Meanwhile, MACD formed a bearish cross above the zero line with a negative histogram at -1.50. RSI was above its midline at 47.69.
