AAVE could dip below $150 despite the Aave App launch

Key takeaways

• AAVE is down 4% in the last 24 hours and is now trading at $171 per coin.
• The bearish performance comes despite the launch of the Aave App on the App Store.

Aave launches the Aave App on App Store

Aave, the largest decentralized crypto lending platform, announced on Monday that it is launching its Aave App on Apple’s App Store. The team revealed that the app will allow users to earn up to 6.5% annualized yield, higher than money market funds, leveraging Aave’s infrastructure lending protocol.

Users can also deposit funds from bank accounts, debit cards, or stablecoins. The new app also offers “balance protection” on deposits up to $1 million.

However, this announcement didn’t stop AAVE from being affected by the bearish trend of the broader crypto market. AAVE has lost 4% of its value in the last 24 hours and risks declining further as the market selloff continues.

AAVE could retest the $150 psychological level

The AAVE/USD 4-hour chart is bearish and inefficient as the coin has lost 21% of its value in the last seven days. The technical indicators are also bearish, with the RSI of 38 indicating that AAVE could enter the oversold region if the selloff continues. 

The MACD lines are still within the negative territory, suggesting that traders could reduce their risk in the market. If the bearish trend continues, AAVE could retest the $150 support level in the coming hours or days. An extended bearish trend could see AAVE drop below the October 10 low of $133.

However, if the market recovers, AAVE could rally towards the first major resistance level at $183. Overcoming the $200 psychological level would allow AAVE to target the recent $236 monthly high.

The post AAVE could dip below $150 despite the Aave App launch appeared first on CoinJournal.