In Aave (AAVE) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about AAVE to analyze the future movement of the cryptocurrency.
Aave is a decentralized finance protocol that enables users to lend and borrow crypto. Moreover, the lenders gain interest by depositing crypto assets into specially developed liquidity pools. More so, the borrowers can then utilize their crypto as collateral to take out the flash loan utilizing this liquidity.
Aave was originally called ETHLend when it launched in November 2017, however, the rebranding to Aave happened in September 2018. In addition, AAVE provides holders with discounted fees on the platform, and it also serves as a governance token providing owners a say in the future development of the protocol.
Aave (AAVE) Current Market Status
According to CoinMarketCap, the AAVE price is trading at $321 with a 24-hour trading volume of $882,593,106, at the time of writing. However, Aave has decreased by 3.65% in the last 24 hours.
In addition, AAVE has a circulating supply of 12,833,069.22 AAVE. Currently, AAVE trades in Binance, OKEx, CoinTiger, Huobi Global, and FTX.
Aave (AAVE) Technical Analysis 2021
Aave (AAVE) holds the 26th position on CoinMarketCap right now. The recent development and upgrades might push AAVE to reach new heights. Now, let’s deep dive into the AAVE technical analysis 2021. The daily time frame chart of Aave (AAVE) is shown below.
The above chart shows the Descending Channel pattern in the daily time frame. A Descending Channel is the price action that occurs between upper inclining equal trendlines. Moreover, Lower highs and lower lows form this price pattern.
In the daily time frame chart, it is possible for the AAVE to reach $405 if the bull trend continues. Orelse, if the price of the AAVE breaks the support level of $165. So, the trend of the AAVE is based on the breakout.
Aave (AAVE) RSI
The below chart shows the relative strength index (RSI) of AAVE.
As shown in the below chart, RSI remains at 60.97. This shows that AAVE’s price is in a neither overbought nor oversold state. However, this shows that traders can trade fearlessly.
Aave (AAVE) RVOL
The below chart shows the Relative Volume of AAVE. RVOL is an indicator that represents to traders how the current trading volume has changed over a period of time compared to the past trading volume.
Notably, in the first week of July, it is found that the RVOL of AAVE observed is both stronger and weaker. Currently, the RVOL of AAVE remains below the cutoff line which represents the weaker participants in the current trend.
Aave (AAVE) Moving Average
AAVE’s Moving Average (MA) is shown in the chart below. Moving Average is a part of technical analysis that supports traders to find trends.
In the 50 MA (Short-term), the price of the AAVE is in a bullish state, and it stays above 50 MA. However, it will completely go to a bullish state. Currently, the price of AAVE is trading near the 200 MA level so we can expect a more bullish trend in upcoming days.
Aave (AAVE) Price Comparison With Bitcoin
The below chart shows the price comparison between AAVE and BTC.
From the chart we can identify the trend of the Bitcoin (BTC) and Aave (AAVE) is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of AAVE also increases or decreases respectively.
With the ongoing developments and upgrades that are taking place within the AAVE platform. Aave has a great future ahead in this crypto market. However, AAVE can reach new heights.
Bullish AAVE price prediction 2021 is $405. As mentioned above, it may reach great heights, however reaching $669, if investors have decided that AAVE is a good investment in 2021.
Aave is a decentralized finance protocol that enables users to lend and borrow crypto. AAVE is its native token
AAVE is listed on many cryptocurrency exchanges that include Binance, OKEx, CoinTiger, Huobi Global, and FTX. It is present for trading against crypto fiat coins, stablecoins, and other cryptocurrencies.
With the ongoing developments and upgrades inside the AAVE platform, it has the high possibility of reaching its ATH soon.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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