Trade AAVE in Futures at CoinDCX
Issued on: 11th Aug’23
Valid upto: 18th Aug’23
Category: Defi
Market Cap: $965,296,348
Price Update:
AAVE price at the time of writing (11th Aug’23, 11:13) is $66.52, with a 24-hour trading volume decreased by 1.83% to $75,324,058. AAVE price is down by 1.37% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- AAVE / USDT on the weekly timeframe shows a descending triangle pattern.
- On touching the upper trendline of the descending triangle, AAVE has developed a Head and Shoulders pattern at the peak on the daily timeframe.
- This formation suggests a potential reversal and bearish sentiment.
- The neckline retest confirms this pattern, with a bearish close on the last daily candle.
- Additionally, AAVE touched and retested the 200 EMA on the 4-hour timeframe, also touching and retracing from the 50 EMA on the daily timeframe. This further reinforces the bearish outlook
- Bottom support levels: $63.19 , $59.10 & $50.98 (major)
- Upper resistance level: $69.41 ( last daily high + retest level) & $72.34(last week high)
- A Short Trading strategy can be assessed between $69.42-$66.80 with an invalidation above $72.65
- On the downside, one can see a fall of 10-15% toward $63.19 & $59.10 (valid for 7 days)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: AAVE is now available in the futures market in both Go and Pro apps with up to 15x leverage.
LAST 30 DAYS ANALYSIS SUMMARY:
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 11-July | MATIC | Long | 13.69% | 109.52% | 3.77% |
| 12-July | DOT | Long | 9.87% | 78.96% | 1.82% |
| 13-July | BEL | Short | 12.78% | 102.28% | -2.98% |
| 20-July | STX | Long | -3.62% | -28.98% | -4.36% |
| 21-July | SAND | Short | 4.57% | 36.55% | -0.95% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.95% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.95% |
| 28-July | ETH | Short | 2.53% | 20.27% | 0.36% |
| 1-August | OP | Short | -5.33% | -42.64% | 0.43% |
| 3-August | BCH | Short | 6.39% | 51.12% | -0.52% |
| 4-August | FLOW | Short | 6.16% | 49.28% | -1.90% |
| 4-August | 1000SHIB | Long | 13.96% | 111.68% | -1.06% |
| 7-August | MAGIC | Long | -2.59% | -20.75% | -1.69% |
| 8-August | ADA | Short | Trade is live | – | |
| AVERAGE RETURN | 5.61% | 44.91% | -0.14% | ||
| SUCCESS RATE | 77% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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