AAVE Technical Analysis 2024
Key Insights
- For 808 days, the asset price chart has been demonstrating steady consolidation, limited by three major price ranges.
- In the zone of accumulation range the asset's value indicates a significant undervaluation from the point of view of market participants.
- As the start of the alt season is expected, the price of AAVE might fall.
As of writing, AAVE ranks 49th on CoinMarketCap with a market capitalization of $1,730,479,054.
AAVE Tech Analysis
The most significant trading activity is concentrated in the range from $71.55 to $98.69, which is confirmed by the volume profile data. This range acts as a key zone of accumulation, as it is here that the greatest interest of market participants is observed.
It is important to note that within this range the current value of the asset remains more than 80% below its historical maximum (ATH).
Given the duration of the consolidation period and trading volumes in this interval, it can be assumed that the interest in accumulation of the asset in these price zones is strategically justified and may precede significant price movements in the future.
AAVE Price Prediction
We can assume that the price of the asset may fall to the upper boundary of the key zone of interest located between $71.55 and $98.69, or even lower, to the POC (Point of Control) level.
This price zone is an important area of interest for major market participants, which strengthens the probability of such a scenario.
In case of a bounce from this zone and a breakdown of the resistance level at $125.27 with a subsequent consolidation above, there is a high probability of the beginning of the upward trend development, which would be in line with the expectations of market participants in the conditions of the alt season.
Users can get AAVE for fiat or crypto on SimpleSwap.
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