- On Monday, the AAVE/USD pair has traded sideways, the trading range of $346 – $307 level.
- AAVE price prediction remains neutral unless it violates the choppy trading range of $346 – $307 level.
- Forex trading market participants may look for a buy trade above the $307 level with a target of $330 and $346.
On Monday, the AAVE/USD pair traded sideways in the trading range of $346 – $307. The day before, the AAVE/USD closed at $333.20 after reaching a high of $348.28 and a low of $322.15. AAVE/USD surged for a second consecutive session on Sunday as it followed the primary trend set by the leading cryptocurrencies. AAVE price forecast remains neutral unless it breaks out of the choppy trading range of $346-$307 level.
If you are interested in trading AAVE/USD with forex robots, check out our guide.
AAVE Gains Support amid Stability in Bitcoin Prices
Bitcoin was high amid recent favourable fundamentals during the weekend, including adoption by many countries for payment methods after El Salvador moved further with the bitcoin law. The increased interest of investors, institutions, and governments from all across the world for cryptocurrencies has been pushing forward the prices of BTC/USD.
AAVE/USD, like other altcoins, is correlated with BTC and has followed in the footsteps of the leading cryptocurrency, which has helped AAVE recover its previous losses. Meanwhile, Aave founder Stani Kulechhov has reportedly sold an NFT called “Yield” for 350 ETH worth $1.15 million to an anonymous bidder.
According to reports, the bidder can hold the NFT to wait for its value to rise in the future and sell it to another buyer, or he can also return it to Kulechov by October 31 and receive all of his funds back along with 10% of the value of the NFT or 10 ETH, whichever will be lower.
Since the price of NFT was so high, the buyer would receive the 10 ETH back rather than 10% of the sale price. The whole idea was to determine the buyer’s behavior and whether he would choose to hold on to the NFT. He valued the artwork more than the transaction or returned it to take $33,000. According to Kulechov, it was an interesting experiment.
AAVE Price Prediction – Daily Technical Levels
Support Resistance
320.80 346.93
308.41 360.67
294.67 373.06
Pivot Point: 334.54
AAVE Price Prediction – Daily Technical Analysis: Sideways Trading in Play
AAVE price prediction remains neutral unless it breaks out of the choppy trading range of 346–307 points. The AAVE/USD pair has violated the double top support level of $346, and the closing of candles below this level supports bearish bias in AAVE. However, we may not see additional selling trends in the pair unless it breaks below $307 or above the $346 trading range.
On the bearish side, the AAVE/USD pair is gaining support at the $307 level, and a further bearish breakout could extend the selling trend to $277. Furthermore, the leading oscillator indicator is still holding in a sell zone, and the 50 day EMA (exponential moving average – red line) supports a bearish trend.
Secondly, the recent 4-hour candle has tested the 307 a couple of times but failed to break below this level. So all we need now is to wait for this level to break out. As such, we can expect a selling trade in the AAVE/USD pair.
Forex trading market participants may look for a buy trade above the $307 level with a target of $330 and $346. Alternatively, we can take a sell trade below the $305 support level to target $277. All the best!
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