{"id":318719,"date":"2023-06-06T10:00:40","date_gmt":"2023-06-06T04:30:40","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=318719"},"modified":"2023-06-06T10:19:32","modified_gmt":"2023-06-06T04:49:32","slug":"aave-drops-to-key-support-are-more-shorting-gains-imminent","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/aave-drops-to-key-support-are-more-shorting-gains-imminent\/","title":{"rendered":"AAVE – More shorting gains imminent?"},"content":{"rendered":"

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n

AAVE began the year with a strong uptrend that saw it register price gains of 87.5% between early January and mid-February. However, a price rejection at the $92.6 resistance level led to a 34.9% price correction over a two-month period.<\/p>\n

Bitcoin\u2019s [BTC] dip under $27k over the past 24 hours could provide the needed boost for bears to take the next support level of $61.4.<\/p>\n

Bulls have no response to intense selling pressure<\/strong><\/h4>\n
\"\"<\/a>
Source: AAVE\/USDT on Trading View<\/figcaption><\/figure>\n

AAVE\u2019s bearish momentum saw the price smash through key support levels at $83.7 and $69.4. Bulls were able to rally significantly on the first test of the $69.4 support level. However, subsequent retests saw the support level give way to intense selling pressure.<\/p>\n

With the price approaching the critical $61.4 support level, the bulls defense of this level could be short-lived. Furthermore, the bears could be poised to extend the bearish momentum.<\/p>\n

Meanwhile, the Relative Strength Index (RSI) remained under the neutral 50 mark, showing a lack of buying pressure. Similarly, the Moving Average Convergence Divergence (MACD) posted a bearish crossover. The MACD line (blue) moved below the signal line (red) and dipped under the zero level. This hinted that bears retained the upper hand in the market.<\/p>\n

Two bearish candles on the 12-hour timeframe signaled the intention of bears to take the $61.4 support level. A session close under the support level could see AAVE sink lower with short-selling targets at $57.5 and $51.2 (January swing low).<\/p>\n

On the flip side, this downward move will be invalidated if the bulls mount another successful defense of the support level. A bullish session close could signal an influx of sustained buying pressure with bulls aiming to reclaim the $69.4 level in the short-term and the $75 level in the long term.<\/p>\n

Shorts hold sway<\/strong><\/h4>\n
\"\"<\/a>
Source: Coinglass<\/figcaption><\/figure>\n

According to data from Coinglass<\/a>, market speculators showed extreme caution in the futures market. Although the futures market situation remained low, $254.37k worth of longs were liquidated. This accounted for 93% of total liquidations.<\/p>\n

\n

How much are 1,10,100 AAVEs worth today?<\/p>\n

\n

The long\/short ratio reiterated the shorts’ dominance with a 52.59% advantage in the 24-hour timeframe. This hinted at an increased preference for more AAVE sales in the long term.<\/p>\n

\"\"<\/a>
Source: Coinglass<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Aave bears primed to extend gains, as bearish momentum looks to break below another key support level.<\/p>\n","protected":false},"author":70,"featured_media":318748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[],"class_list":["post-318719","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view"],"acf":[],"yoast_head":"\nAAVE - More shorting gains imminent? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"AAVE\u2019s bearish momentum saw price break key support levels at $83.7 and $69.4. 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