After experiencing a promising start to the year, AAVE faced a setback when it encountered resistance at the $92 level, resulting in a 34% correction over a two-month period. The recent blow to the crypto market caused by the SEC suing Binance has further impacted the altcoin’s performance.
In the past 24 hours, AAVE has lost 3% of its value, and on the weekly chart, the coin has seen a significant plunge of nearly 12%. Technical indicators suggest the presence of considerable bearish pressure, with both demand and accumulation declining.
With Bitcoin also experiencing a drop to the $25,000 zone, most altcoins have exhibited similar price actions. AAVE has struggled to maintain its price above a crucial support level, and as selling pressure has intensified, it has dipped below that level. The market capitalization of AAVE has also depreciated, indicating that sellers currently hold control over the price at this time.
Aave Price Analysis: One-Day Chart
As of the time of writing, Aav
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