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AAVE Price Analysis for July 5

Wed, 07/05/2023 - 15:30
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Denys Serhiichuk
Has rate of AAVE found local peak yet?
AAVE Price Analysis for July 5
Cover image via www.tradingview.com

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The market might have found a local peak as the rates of most of the coins are in the red zone.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

AAVE/USD

The rate of AAVE has fallen by 4.89% over the last 24 hours.

AAVE/USD chart by TradingView

Image by TradingView

On the local chart, traders should focus on the resistance at $77. Until the rate is below that mark, bears are more powerful than bulls. Moreover, if the candle closes near the support level at $73.36, the drop is likely to continue to the $72-$71 area.

AAVE/USD chart by TradingView

Image by TradingView

On the bigger chart, the rate of AAVE is neither bullish nor bearish as the price is far from the main levels. If buyers want to seize the initiative and return the coin to growth, they need to fix it above the $80 mark.

Related
DOGE Price Analysis for July 4

Only in that case can one expect a resistance breakout.

AAVE/USD chart by TradingView

Image by TradingView

A similar situation can be seen on the daily chart against Bitcoin (BTC). The rate is stuck between the support at 0.002382 and the resistance at 0.002623. As none of the sides has seized the initiative yet, ongoing consolidation around 0.0025 is the more likely scenario until the end of the week.

AAVE is trading at $75.04 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.