coinquora.com
Aave (AAVE) saw its price rally over the last 24 hours as the crypto market got a resurgence of life over the past day.
According to CoinMarketCap, the price of AAVE has increased 13.88% over the past day as the crypto market received an injection of investor money. This has pushed AAVE’s already positive weekly performance to 28.70% at the time of writing. Its price currently stands at $91.82.
AAVE is now ranked number 40 on CoinMarketCap’s list of the biggest crypto projects by market cap, and as a result of its recent price increase, AAVE’s total market cap is at $1.27 billion.
AAVE’s price has also strengthened against Bitcoin (BTC) and Ethereum (ETH) by 11.81% and 5.38%, respectively.
The 4-hour chart for AAVE shows how AAVE’s price has successfully challenged and flipped 2 resistance levels already. The first level was at $73.5, with the second level at $81.8. Now, it looks like AAVE’s rally may be cooling down slightly.
The first indication that AAVE’s rally may be coming to an end is its price appearing to top out at its current level. The next indicator that investors should keep an eye on is the Relative Strength Index (RSI), which is currently in overbought territory. The indicator also corroborates the idea that AAVE’s rally has come to an end as the RSI line is sloped negatively towards the RSI SMA.
Should AAVE’s price drop, it will likely target the 9 EMA level first. Should the 9 EMA line not hold as support, then AAVE’s price could drop below the 20 EMA line.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.