Aave (AAVE) has been on the decline this 12 months. The coin has had flashes of restoration, however the normal pattern during the last 5 months has been bearish. Despite this, issues may nonetheless worsen as AAVE struggles to maintain the worth above the $100 mark. Here are the important thing factors:
AAVE has managed to remain above the $100 regardless of elevated promoting strain
The coin will nonetheless not maintain out any longer
A break below $100 may push AAVE to $70 earlier than its subsequent rally
Data Source: TradingView
AAVE value evaluation and prediction
The present bearish cycle for AAVE began off on the $260 mark. The coin has proven indicators of breaking the pattern however total, the final motion has been downwards. As of now, AAVE has misplaced practically 80% of its worth on this bear run. However, falling below $100 may current extra downsides for AAVE traders.
In reality, the DeFi token will doubtless backside at $70 and even decrease ought to bulls fail to defend the $100 value. However, to this point AAVE is holding out. The coin fell briefly below $100 in the present day however has managed to rapidly rebound.
If bulls can handle to consolidate above this mark over the subsequent two days, then AAVE may breakout and settle at $115. However, the 50- and 100-day SMAs seem to indicate a bearish crossover. This makes the concept of holding the $100 very onerous. In the top, we count on AAVE to fall within the coming days.
Is it time to purchase AAVE?
Well, AAVE is in fact among the best crypto belongings out there. It is definitely seen as one of many key drivers of DeFi.
But if you might be pondering of shopping for it for short-term returns, that is maybe not the perfect time to take action. The downside potential is simply so excessive. It could be higher to attend till the coin hits $70 earlier than leaping in.
