- After dropping by around 15%, AAVE price posts a slight 1% recovery over past 24 hours
- General bearish incidence in crypto market also affects AAVE
- A bounce is expected to occur if AAVE keeps support levels of $350
The general situation in the cryptocurrency market continues to look bearish over the short term and the AAVE price is no exception. At present the DeFi crypto is trading at just over the $350 mark where strong support is present.
AAVE has descended by a considerable margin in the last crypto slide. After having reached the $427 level on the 13 August, it dropped to as low as $351 on 26 August or a decrease of almost 20%. The current situation is critical for the AAVE price as a swing either way may determine the future for this DeFi exchange cryptocurrency.
The bearish mood in the cryptocurrency market does appear to be a short-term affair although sell offs could precipitate a considerable crash.
If you haven’t yet bought some AAVE, then you should have a look at this How To Buy Cryptocurrency Beginners Guide.
Short Term Prediction For AAVE Price: A Pause Before A Leg Up?
At present, the AAVE price is currently trading at the $354 level. There was a steep drop of around 18% from 24 August although the price had actually descended very close to the $350 support level yesterday. It is slightly difficult to predict what AAVE will do next although at this point, a further descent looks to be more likely.
If a bullish thesis were to occur, then the AAVE price will probably rise to around the $375 level where some resistance should be encountered. If buying pressure occurs, then the price could rise all the way to the $400 where the second strong resistance should be encountered. At present, this does not look to be a likely scenario however.
A bearish thesis seems to be the more plausible path for AAVE over the short term. If that occurs, the AAVE price would sink down to the $330 level where it would probably bounce back. However, a sell off could also push the price down further although support looks strong at the $330 mark.
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Long Term Prediction For AAVE: Bullish Outcome Still Possible By End Of Year
Although the AAVE price is currently around 50% down from its all time high of $650 registered in April, predictions on a long-term basis remain bullish. While it seemed that a rally from the July 20 low would continue, an inevitable pullback occurred with the price sinking by around 20% over the past seven days.
Analysts are still predicting that AAVE may reach the $600 level by the end of the year or even earlier. The outcome rather depends on the performance of the cryptocurrency market as a whole.
Where to Buy AAVE
If you want to purchase AAVE, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy AAVE is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
Looking to buy or trade AAVE now? Invest at eToro!
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Gerald Fenech
