Technical outlook suggested an AAVE revival due to the RSI state Holders in the last six months seemed to have gained balanced but AAVE might trend downwards Like its peers, non-custodial liquidity protocol, AAVE, ended the year 2022 on a sluggish note. According to CoinMarketCap, AAVE’s value on 31 December was around $52. This was […]
Holders in the last six months seemed to have gained balanced but AAVE might trend downwards, ended the year 2022 on a sluggish note. According to CoinMarketCap, AAVE’s value on 31 December was around $52.
This was in contrast to the surge it had one month back. On the technical outlook, the AAVE Relative Strength Index languished in the drop zone between the last day of last year and 1 January 2023.At press time, the RSI moved away from the drop as it rose to 40.14. This was a similar trend it followed when the price hit $65 on 5 December.
As of this writing, the -DMI was high at 24.90. On the other end, the +DMI fell short at 15.90. The implication of this disparity was that AAVE might struggle to drive an upside in the short term. In addition, the Average Directional Index bolstered the strength of the-DMI. This was because the ADX was 27.07. This subsequent position implied that AAVE’s value would most likely follow a bearish direction.Per its reputation in the Decentralized Finance ecosystem, AAVE did not give in to the squeeze. According toThis left the protocol’s TVL at $3.72 billion. The decrease implied that not a very large number of investors were willing to lock up their assets in AAVE-driven DeFi contracts.
This signaled that AAVE was not necessarily undervalued and there might be no need for a price correction soon.At the time of writing, AAVE exchanged hands at $52.93. However, the metrics and technical projection displayed more of the downside over a resurgence.Subscribe to get it daily in your inbox.
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