December 5, 2022

Ethereum Reader

The beginning of a great day begins a night before.

Price Analysis: AAVE Token Surges, But Far Away From Its ATH

Price Analysis: AAVE Token Surges, But Far Away From Its ATH
AAVE token currently waves a green signal at $92.84. The coin is up by 14.15% in the past 24 hours. ...<p class="d-none"><a class="btn btn-primary btn-sm understrap-read-more-link" href="https://coinquora.com/price-analysis-aave-token-surges-but-far-away-from-its-ath/">Read More...</a></p>
  • AAVE token currently waves a green signal at $92.84.
  • The coin is up by 14.15% in the past 24 hours.
  • But, AAVE is down by 85% since its ATH price of $667.6 in May 2021.

In the wake of green waves in the crypto market, the DeFi token Aave coin (AAVE) has spiked by 14.15% in the past 24 hours. According to CoinMarketCap, AAVE now trades at $92.84, and a surge of 3.16% has been noted from last week. At this point, the coin undergoes a crucial question — How far the coin is from its all-time high?

AAVE/USDT- 1-Day Trading Chart (Source: TradingView)

AAVE hit its ATH of $667.6 in May 2021, but after this significant trend, the coin slipped to reach the current price. In detail, AAVE is currently very far from the price it achieved in May 2021. A price fall of 85.5% is found between its ATH and the current price. Adding on, the coin tapped at a high of $458 on October 27, 2021, and this price is marked as the maximum hike the coin had since its ATH.

Moreover, AAVE marked frequent price hikes, which were lower compared to its $458 price. Watching through the micro timeframe, the coin shows an uptrend, but it signifies a downtrend in the macro timeframe. Also, the coin is facing buying pressure, as its price is gradually decreasing.

Worth noting, that investors who bought AAVE above the $200 price have been facing losses since the coin went down below $200 in April 2022. According to reports, 82.5% of the addresses suffered heavy losses and the figure may retrace to zero only if AAVE can surge by over 90% to create another all-time high.

On July 26, AAVE went below its minor support level of $88.2. But the coin overtook this level in the past day and the current price is almost near $100. If the coin overtakes $100, there would be an interesting rally at $120, the price that AAVE registered on June 1.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

Source: coinquora.com