Aave Below Its Long Term Support; What To Expect Now?

Aave has been on a downtrend since April amidst intense volatility in the market. Major altcoins have extended losses owing to a major sell off all across the cryptocurrency industry. Over the past week, the coin presented lower lows and displayed intense selling pressure. The altcoin has also experienced high trading volumes which was tied with increased selling pressure. This has also added to the falling market value of the asset on the one day chart. Fall from the current price level would mean Aave could soon eye the support region of $50. Aave has been among the top losers in the industry with a loss of over 51% in the past one week. Aave Price Analysis: One Day Chart Aave was priced at $74.80 at the time of writing. The altcoin traded at this price level a year ago in January. The downtrend for Aave seems strong because the altcoin just broke below its long standing support line of over a year. Chances of a price reversal cannot be ruled out yet because the altcoin has broken below its descending trendline. Often after a sharp fall, prices make a turn around. In case of a price revival, Aave could target $111. Another fall from its present price level would make the altcoin trade near the $61 support line and then hover around the range of $50. As mentioned above, the trading volume rose and was seen in red signifying bearishness in the market. Technical Analysis Aave was in middle of a sharp sell-off, the coin hadn&#82...