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Aave (AAVE) coin to test support level soon?

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Aave (AAVE) peaked at $648 in the bull run of 2021. The cryptocurrency fell to a 7-day low of $210 as the market crashed but the downturn appears to have been reversed. At the time of press, Aave crypto stands at a price level of $361. However, the price has been declining the twenty-four-hour timeframe. The daily trading volume has also decreased by 30%.

Aave (AAVE) Technical Analysis

The market sentiment for AAVE coin is bearish. Out of the twenty-six technical indicators, fourteen are giving out a signal of the sell while ten stand at a neutral position and only two indications suggest a buy. Both the oscillators and moving averages are bearish suggesting a downtrend in the cryptocurrency that may likely persist.

Aave (AAVE) Technical Analysis
Aave (AAVE) Technical Analysis

Aave coin had picked up bullish momentum after the low of the market crash was established but the momentum could not be maintained, unfortunately. The recent price actions show bearish one-day candles being formed. The Bollinger Bands reveal high volatility in the market which, as per theory, suggests no explosive moves to be expected from Aave crypto in the coming days. Aave coin is on a downtrend and; hence, can be expected to test the support level which lies at $315. The support levels had been tested nearly four times in the past and it held up even after a break for some time.

What is Aave (AAVE)?

Aave is a decentralized lending protocol where users can lend or borrow cryptocurrency without any centralized authority’s oversight. Instead of traditional finance, where intermediaries and centralized authorities are crucial, DeFi uses smart contracts to automate the tasks. What makes Aave special is that it is one of the largest lenders in the market with a capitalization far more than other competitors like Maker.

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