AAVE Price Plummets on Aggressive Selling
The price of AAVE is currently at $90.12, but it's not looking healthy according to James Ding in his analysis on blockchain.news.
AAVE is trading below its daily pivot of $90.01 and all short-term means are acting as overhead resistance, not support. The MACD histogram has printed at effectively zero after a prolonged negative read, indicating a stalled engine running out of fuel.
The stochastic is oversold at 19/15, but this can be a trap in a confirmed downtrend. The taker buy/sell ratio of 0.57 indicates aggressive selling is hitting the tape more than buying.
The SMA 7 and SMA 50 have converged into a single ceiling barely 60 cents above the current price, with immediate resistance at $91.11. A rally that doesn't punch through $92.50 is seen as just noise, a dead-cat bounce giving shorts a better entry.