AAVEUSDT Price Action Faces Barricade at the $60.00 Mark

Price action in the AAVEUSDT market has remained subdued below the $60 mark after price action tested near the $63 mark. Nevertheless, buyers are still managing to retain part of today’s profit.

Aave Statistics:
AAVE Value Now: $59.66
AAVE Market Cap: $787.69m
Aave Circulating Supply: 14.54M
AAVE Total Supply: 16,000,000
Aave CoinMarketCap Ranking:

Major Price Levels:
Top: $59.66, $61.50, and $64.00
Base: $59.00, $57.50, and $56.00

AAVEUSDT Sellers Seem to Have Mounted a Strong Barricade at the $60 Mark

It was during yesterday’s trading session that AAVEUSDT buyers showed intentions of advancing through the 61.80 Fibonacci Retracement level. However, it appears that a handful of traders have set their targets at this level. Subsequently, this seems to have created a strong headwind, preventing buyers from forging ahead in this market.

Today’s trading activities have retracted significantly into trading below the upper limit of the Bollinger Bands. Meanwhile, the Relative Strength Index (RSI) indicator lines are now still in the overbought region, but it could be seen that the leading line is now slightly curved sideways to reflect the effect of headwinds.

Aave Corrects Strongly Towards Support

Meanwhile, the Aave 4-hour market has revealed more about the price development in the AAVEUSDT market. Here, it can be seen that price action corrected downwards about two sessions ago. But it appears that downside momentum has grown stronger in the ongoing session than in previous ones, considering the appearance of the last price candlestick.

To that effect, the RSI indicator has delivered a bearish crossover in the overbought region. By implication, this aligns with the opinion that prices will fall to lower supports near the $58.00 mark.

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