AAVE Faces Price Decline, Resistance

Aave (AAVE) was among the top 50 cryptocurrencies whose value decreased as the new week began.

CoinMarketCap, a website that tracks the cryptocurrency market, reported that AAVE was worth $78.17 at press time, a decrease of more than 3% from the previous trading day.

Thus, AAVE was trading near its daily low of $77.23. In addition, AAVE’s 24-hour trading volume decreased by more than 56% over the previous day. This left its volume at approximately $90.447.179 million.

The altcoin’s price decline caused it to lose ground against Bitcoin (BTC) and Ethereum (ETH) by 3.25 and 2.86 percent, respectively.

Nevertheless, despite this, AAVE’s weekly performance remained solidly in the green at +8.91%.

Its market capitalization of $1,133,571,984 ranked AAVE as the 40th largest cryptocurrency, just behind Quant (QNT) in the 39th position.

The Graph (GRT) was positioned just below AAVE based on its market capitalization of $1,098,903,054.

In the past six hours, AAVE has been rejected by the significant resistance level of $79.80. This rejection caused the price of the altcoin to fall to $77.37.

Nevertheless, bulls intervened to close the 2-hour candle at $78.09. After this close, the cost of AAVE continued to rise to its current level.

Moreover, a bullish shooting star candlestick was forming on the 2-hour chart of AAVE.

In the next eight hours, should this candlestick pattern be confirmed, the altcoin’s price may attempt to climb above those $79.80 resistance levels.

If the cryptocurrency can overcome this resistance level, it may have a clear path to $82.83.

Alternatively, if the price of AAVE is rejected by the $79.80 resistance within the next 24 hours, it may be at risk of falling to the crucial $76.71 support within the next 48 hours.

Persistent selling pressure could push AAVE as low as $73.98.