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Aave price analysis shows a distinct decline in place for the token, as price continued to descend lower for the 5th consecutive day. The token lost another 3 percent in price over the past 24 hours to move as low as $71, after initially dropping off from $81.9 on March 18. The current downtrend in place could intensify to push price below the bottom support at $70 over the coming 24 hours. Aave currently occupies the 50th rank in the cryptocurrency market, with a market capitalisation of $1,003,912,904.
The larger cryptocurrency market largely remained in decline over the past 24 hours, as Bitcoin settled at the $27,400 mark, with Ethereum dropping to $1,700. Among leading Altcoins, Ripple made an exceptional uptrend of 4 percent to move up to $0.44, whereas Dogecoin and Cardano remained in decline, losing 2 and 3 percent, respectively. Meanwhile, Polkadot also dropped 2 percent to move as low as $5.82.
Aave price analysis: Price drops further below moving averages on daily chart
On the 24-hour candlestick chart for Aave price analysis, price can be seen forming a distinct descending triangle pattern since March 18. Since then, price has dropped almost 15 percent, causing an increasing gap between the moving averages and price on the daily chart. Aave price remains below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $74.3.
The 24-hour relative strength index (RSI) can be seen steadily dropping into the early 40’s, which can be considered as the oversold zone. The RSI indicates low market valuation for AAVE, with a similar viewing in place on the moving average convergence divergence curve. It shows an imminent bearish divergence in place, with the trend line seen crossing below the signal line. Aave trading volume dipped 26 percent today, depicting further bearish indication.
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