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Aave (AAVE) was one of the many top 50 cryptocurrencies that saw its price drop heading into the new week. The crypto market tracking website CoinMarketCap indicated that AAVE was worth $78.17 at press time, after the crypto’s price fell by more than 3% over the past day of trading.
This meant that AAVE was trading close to its daily low of $77.23. Furthermore, AAVE’s 24-hour trading volume decreased by more than 56% throughout the past day. This left its volume standing at around $90,477,179.
The altcoin’s price slip also caused it to weaken against both market leaders, Bitcoin (BTC) and Ethereum (ETH) by 3.25% and 2.86% respectively. However, despite this, AAVE’s weekly performance was still firmly set in the green zone at +8.91%.
Its market cap of $1,133,571,984 meant that AAVE was ranked as the 40th largest crypto, which placed it right behind Quant (QNT) in the 39th position. Ranked just underneath AAVE was The Graph (GRT) with its market cap of $1,098,903,054.
AAVE was rejected by the major resistance level at $79.80 over the past 6 hours. This rejection caused the altcoin’s price to drop to $77.37. However, bulls stepped in to close the 2-hour candle at $78.09. Following this close, AAVE’s price continued to rise to trade at its current level.
Furthemore, a bullish shooting star candlestick was in the process of forming on AAVE’s 2-hour chart. Should this candlestick pattern be confirmed, the altcoin’s price may look to climb above the aforementioned $79.80 resistance in the coming 8 hours. If the crypto is able to overcome this resistance level, it may have a clear path to climb to $82.83.
On the other hand, if AAVE’s price is rejected by the $79.80 resistance within the next 24 hours, then it may be at risk of dropping to the crucial support at $76.71 in the following 48 hours. Continued sell pressure may even push AAVE down to as low as $73.98.
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