In a 30-day period, the trading price of Aave (AAVE) has experienced a significant surge. Now, there are predictions that the price of AAVE may start moving in the negative zone.
Price of AAVE Expected to Dip
It’s been almost a month since the price of AAVE has been growing. In a 30-day period, the trading price of the asset has more than doubled. However, the analysts expect that with the constant rise in the trading price, the bulls are losing their buying power.
As per the analysts, the momentum formed by the bulls is losing its power. This means that the bulls are losing their buying energy and are near exhaustion.
The price of AAVE may Get Pulled Lower
To be precise, the trading price of AAVE has surged by 103% within a month. On June 18, the trading price of AAVE was at a low of $45.60. However, by July 15, the trading price of AAVE hit a high of $95.50.
As the price of AAVE is constantly moving higher, the analysts suggest that it is coming closer to the point where it may get pulled lower. The reason is that the price of AAVE may come to a level where a sharp pullback will be triggered.
As a result of the trigger, the price of AAVE may start moving downwards at a fast rate and hit the same lower level as the one hit back in early June.
AAVE Testing a Resistance Level
In other words, a trendline resistance is being tested by AAVE while trying to ascend even more. However, the particular resistance mark is considered a bear flag. If AAVE ends up hitting the mark, then AAVE may end up hitting the pattern that will point towards a bearish continuation.
The same trend could be observed in the price of AAVE when on June 24, its price went significantly up and then retreated 30%.
AAVE Price to Experience a Plunge
At the moment, AAVE investors are attempting to push its price higher. If that happens and the bears start joining forces, then AAVE may start feeling strong pressure from the bears’ end. They will start pulling the trading price of AAVE lower with strong selling power.
As the price of AAVE starts moving lower, the next lower level it may hit would be near the $67.75 mark. It is expected that AAVE may end up hitting the particular mark by the beginning of September. It would suggest that the price of AAVE will have dipped by 30%.
The only positive factor that may help keep the price of AAVE pushed up would be the network launching its own stablecoin for its ecosystem. It may help boost the trading price of AAVE much higher than its current mark.
