AAVE Price Analysis: Bulls Struggle as Bears Dominate Market

In a recent tweet, the popular blockchain platform Polygon, also known as MATIC, shared the top ten coins by total value locked within its ecosystem. The tweet highlights that Polygon is a decentralized scaling platform built on Ethereum technology that facilitates the creation of scalable, user-friendly decentralized applications with low transaction fees.

Top 10 Polygon Ecosystem Coins by Total Value Locked@0xPolygon $MATIC is a decentralised @ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees.$AAVE $QUICK $BAL $UNI $CRV $BIFI $TETU $SUSHI $KLIMA $STG pic.twitter.com/arsBKoy1bi

— Ben GCrypto (@GCryptoBen) March 1, 2023

According to the tweet, the top ten coins by total value locked in Polygon’s ecosystem are as follows: Aave, Quickswap, Balancer, UniSwap V3, Beefy.Finance, Curve DAO, Tetu, Stargate, Klima DAO, and Sushi.

The 1-hour technical chart of AAVE reveals that the crypto is currently trading below the crucial 200-day MA (yellow line), signifying a bearish market sentiment. Despite two failed attempts by the bulls to push the price above the 200-day MA, the bears have successfully continued to exert their dominance, driving the price downward.

Furthermore, AAVE’s current 1-hour resistance level is located between $83.5 and $82.6. A successful breakout from this resistance zone could potentially propel AAVE’s price to $87.3. However, traders should also be wary of the possibility of AAVE hitting a support level between $77.8 and $76.9.

The RSI value of AAVE is displayed at 34.67, denoting that the coin has almost reached the oversold region of 30, where we can expect a bounce from the current support level.

As per the latest CoinMarketCap report, AAVE is currently exchanging hands at $79.42, showing a dip of 2.78% in the past 24 hours. The trading volume for the last 24 hours stood at $67,491,663, with a decrease of 9% in comparison to the previous day’s volume. It is worth keeping a close eye on these metrics to gain insights into the asset’s price action and overall market sentiment.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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