Aave Technical Analysis: LEND Struggles With Recovery To $1.0 As
- Aave free-fall from $0.9 embraced support at $0.42, paving the way for recovery.
LEND is facing resistance at the 100 as well as the .
The current market did not spare any particular cryptocurrency; be it Bitcoin , major, minor, or altcoin. In the previous weeks, the decentralized finance tokens like Aave (LEND) rallied, sometimes for no apparent reason other than speculation.
For instance, Aave spiked incredibly from the levels traded on August 1, around $0.30 to highs close to $1.0 in the last week of the month. The same meteoric growth was posted by other DeFi protocols including Yearn.finance, Uniswap, and Curve Finance among others.
September has started in a different note, not just for Aave but for the entire cryptocurrency market. Bitcoin , for instance, is trading at $10,300 following a sharp drop from $12,000 (resistance) to support at $9,900). Aave has also been battered massively after hitting a wall at $0.9. The reversal that ensued following the barrier, has forced LEND below key levels including the 61.8% level of the last drop from $0.9 to a low of $0.42, the 100 ( ) including $0.5.
Recovery from the dip has not been straight forward, especially with the resistance at the 100 ($0.5710). The ( ) also shows consolidation is likely to take precedence before any breakouts come into the picture. Note that, gains above the channel resistance would be a great boost to the price in helping to stage the journey towards $1.0.
Aave Intraday Levels
Spot rate: $0.5682
Relative change: -0.01
Percentage change: -1.7%
Trend: Consolidation bias