AAVE Technical Analysis Report | 29th-June-2023

Aave token (AAVE) had an eventful 24-hour period, where it climbed to the top of Lunar Crush’s crypto rankings on June 25th and garnered attention from influential investors. This rise in prominence reflects increased engagement with the Aave platform and its native token, surpassing other cryptos in terms of interest and activity. Examining AAVE’s price surge can be attributed to significant whale activity within the Aave ecosystem. The token experienced a remarkable increase of 20.44% in value, reaching a trading price of approximately $68.7. This surge represents the largest single surge for AAVE since the beginning of the year.

At the time of writing, AAVE was trading at $60.15.

Ethereum Daily Chart 
| 29th June 2023
AAVE Chart

AAVE after taking multiple resistances at $95 started trading in a downtrend and the prices witnessed a sharp correction. It plunged almost by 50% and made a low of $47.3. Though the prices went below $50, it did not give a daily closing below the key support level. Aave bounced from the support and rallied up to $76.9. However, the bulls failed to sustain and give a daily close above the key resistance of $70 and the downsloping trendline and witnessed some profit booking. Hence, to further rally, the asset needs to close and sustain above these resistances whereas $57 and $50 will act as strong support for the asset.

  Support 2Support 1AssetResistance 1Resistance 2

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