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  • Thu. Aug 18th, 2022

Aave correction to continue at it breaks below $86 support

ByNdasi Tata

Jul 26, 2022
1642027088503 7716dab2 4a68 4d63 a88d 90519beeeafe
1642027088503 7716dab2 4a68 4d63 a88d 90519beeeafe

  • Aave is one of the largest DeFi platforms

  • The token has been gaining as cryptocurrencies rose on hopes of DeFi recoveries.

  • AAVE token has breached a support zone and eyes new lows in a market correction

Aave AAVE/USD is one of the cryptocurrencies to stage recoveries in the recent crypto surge. The cryptocurrency traded at a low of $53 at the beginning of July. It almost doubled in value to a price of $102 on July 19. The token currently trades at $85 as most cryptocurrencies edge lower. 

Aave gained on renewed hopes of the growth of DeFi. The platform is already one of the largest in the decentralized lending and borrowing sector. Aave also lets users earn passive income through staking the token. That has the potential to attract users and facilitate the growth of the DeFi platform. 

The latest above-market returns for AAVE underline trust in the platform and the utility of its token. However, the token now faces a decline, and investors should watch key levels.

AAVE set to correct more as price slides below $86 support

1658777739782 9f379821 7e81 4397 a1c7 fa8e796dd93fSource – TradingView

In the shorter 4-hour time frame, AAVE is bearish. The MACD line crossed below the moving average as the token slipped below $86 support. The 14-day and 21-day moving averages remain above the price and offer resistance. 

From the technical outlook, AAVE will continue to slide unless it reclaims the $86 support. There is currently no bull trigger, while crypto sentiment remains weak. We expect the cryptocurrency to fall and find support at $75. If the level fails to hold, the next support zone for AAVE is $68. Short-term focused investors should sell now to buy lower. 

Summary

AAVE remains under bear pressure after the recent gains. The cryptocurrency has broken below $86 support. The token could find support at $75 or potentially at $68. 

The post Aave correction to continue at it breaks below $86 support appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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