Sellers’ momentum is increasing in Aave market
Aave (AAVE) Price Analysis – August 23
At the moment, the key resistance levels to watch out for lies at $94, $110 and $125. A downward movement may take the Aave to $77. A bearish breakout is expected at the support level of $77 which will expose the coin to the support level of $62 and $47.
Resistance levels: $94, $110, $125
Support levels: $77, $62, $47
AAVEUSD Long-term Trend: Bearish
Aave is under bears’ control. It started a bearish trend on 13 August; this is clearly noticed when the bearish engulfing candle broke down the support level of $110. More bearish candles continue to emerge and the price declining towards the $77 support level. The cryptocurrency is yet to break down the just mentioned support level but currently pulling back.
The daily chart has shown that sellers are dominating the market. The price is trading below the 9 periods EMA and 21 periods EMA. At the moment, the key resistance levels to watch out for lies at $94, $110 and $125. A downward movement may take the price to $77. A bearish breakout is expected at the support level of $77 which will expose the coin to the support level of $62 and $47. The Relative Strength Index (14) is moving down at 43, indicating a further downward movement.
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AAVEUSD Medium-term Trend: Bearish, Tamadoge Is Bullish
Aave’s performance has been very bearish in the 4 hour chart; this may be due to a persistence pressure from the sellers of AAVE. In other words, the price actions remain in as downward trend for many days ago. The market is moving lower and this may continue unless the support level at $77 holds.
The price is trading below 9 periods EMA and 21 periods EMA as an indication that the bears are in control. The Relative Strength Index period (14) is bending down at 48 levels to indicate the sell signal.
Tamadoge sold for 1 USDT to 100 TAMA (1 TAMA = 0.01) in the first phase, in which a beta sale of 200 million tokens were made available to the public. Since then there have been successive sale tranches of 100 million tokens. Half of the tokens on offer in the presale have now been sold. In total 1 billion TAMA tokens are up for sale, with the price rising on each occasion. TAMA has a total supply of 2 billion, so early bird buyers in the presale are able to purchase a generous 50% of supply. Tranche prices will keep rising until the price reaches $0.03, equivalent to 3 times the initial beta sale price. The next price to beat is in the sixth phase when 1 USDT buys 44.44 TAMA.
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