- 1 The Aave crypto price lost its traction and declined sharply Intraday on Tuesday.
- 2 The technical indicators imply a bearish outlook in the short term below the 50-Day EMA.
The Aave crypto price is down for the second consecutive day of this week, with the risk skewed to the downside. The AAVE/USD pair shows a bearish outlook below the 20-Day EMA while the 200-Day EMA has been providing dynamic support for the crypto.
Moreover, the AAVE crypto price dropped sharply intraday, losing nearly 7% of its market capitalization and is expected to drop further. The price has reached 200-Day EMA over the daily chart from where it might gain buyers’ support.
At the time of writing, the Aave price was at $85.21 after losing 4.43% intraday. As per coinmarketcap(dot)com, it has a total market capitalization of $15.280 Million and ranks 85th among all the cryptocurrencies. It had a 24-hour trading volume of 14.87 Million with an intraday rise of 34.07%.
Earlier, the AAVE crypto performed well in the past three months and has extracted a return of over 90% to their Investors. The price peaked at $125 in the last week of December and turned around thereafter.
The crypto is facing high volatility this year with bears dominating the trend till now. The price formed lower high and broke below the 50-Day EMA suggesting weakness over the charts.
The recent price drop has dragged the price back to two month low value and 200-Day EMA from where the buyers might enter to defend lower levels.
However, the selling pressure has gained momentum which may drive the price to lower levels breaking below the CMP.
As per the indicator analysis, the AAVE crypto has broken below the short term EMAs of 20 and 50-Day EMAs, suggesting a negative outlook in the short term. The breakdown below the 200-Day EMA may signal a reversal.
At press time, the RSI was at 34.18 and that of the SMA line was at 46.90. Both the lines are below the mean line indicating a bearish sentiment in the short term.
Aave Price Prediction January 2024
Source: AAVE/USDT by TradingView
The positive view of analysts is an upside potential of nearly 13.97%, which could take the Aave crypto price above the $96.32 mark. While the bearish view of analysts hopes the price drops to the $75.59 level.
Aave Price Prediction 2024
The most positive price prediction for 2024 shows that Aave crypto may advance to a high of $130.38 by the end of the year 2024. Whereas, the less optimistic analysts estimate a price target of $105.69 by the end of year 2024.
Aave Price Prediction 2025
As per the most positive view of our analysts, the price may attain $165.96 suggesting an upside potential of 93.35%. The most pessimistic view assumes the price to reach $125.11 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
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