Aave Gains Over 30% in Intraday but Still Appears Bearish

Aave, in the previous week, was one of the top 30 tokens of the global cryptos market, but with gain in intraday momentum over the past six days, it is on the 25th position, at the time of writing.

Having hit a YTD high above $0.70, it dipped below $0.45 and tested supports as low as $0.42 when the market crashed at the onset of the ongoing month. With a lack of steady traction, the entire market, including the largest cryptocurrency—Bitcoin, was seen testing supports as low as $10.1k.

However, the 5-day movement draws a bullish divergence as in the wee hours of the trading session, today, the LEND token crossed above $0.70 price area from the trading price of $0.45, which was marked at the onset of the ongoing week. In this regard, LEND/USD strengthened by approximately 55% in 5 days and over 30% in the intraday from yesterday’s bottom of $0.52.

Aave Price Analysis

Aave (LEND) Price News
LEND/USD Chart By TradingView

Aave token, in the previous week, was seen trading around $0.55, but with a gradual gain in traction over the past five days, it is now trading above $0.65 at $0.66. LEND now holds support from MA50 & MA200 as the long bullish candlestick led to reclaiming a price positive above $0.70. LEND/USD hold support from MA50 & MA200 around $0.50 & $0.18 from a long-term view, and with intraday price reclamation, the AAVE price trend is away from the lower Bollinger Band. Aave is an Open Source and Non-Custodial protocol to earn interest on deposits and borrow assets. You can also learn more about the Aave crypto lending platform for more information.

However, it was towards the end of the previous month when the LEND token had marked an ATH and breached the upper Bollinger Band before the market crash. While Aave attempts to restore, a persistent move will lead to a bullish bias. Therefore, the MACD chart still draws a bearish divergence as per the 24-hour LEND/USD price movement. The RSI has risen from the utter bottom and is now lying at 53.86.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
Back to top button