Decoding AAVE’s ride from $111 to $98 and its 24-hour tale

ambcrypto.com:

With price retracement underway in the cryptocurrency market, Bitcoin climbed above the $30,000 strategic price region during intraday trading on 6 June. The altcoin ecosystem was also impacted by these gains.

Interestingly, on Monday (6 June) the AAVE token broke past its crucial resistance level of $104 and proceeded to register a high of $111 during intraday trading.

However, this was immediately followed by a price retracement that caused the token to lose 10% of the accrued gains.

Exchanging hands at $98.63 at press time, what else did we notice in the last 24 hours?

At $98.63 at the time of writing, the AAVE token appeared to have shed all the gains it made during intraday trading on 6 June. With a 10.54% decline in price per AAVE token, a 20.16% increment was spotted in trading volume. Without a corresponding uptick in price, this is generally indicative of the increased distribution of the token. 

Source: CoinMarketCap

Similarly, at $1.36b at press time, the AAVE token saw an 11% decline in market capitalization in the last 24 hours.

At the time of writing, the Relative Strength Index (RSI) for the token was positioned beneath the 50 neutral region. Found marking a spot at the 44.43 in a downward curve, the RSI appeared to be seeking solace in the oversold territory. Similarly, with a Money Flow index (MFI) of 41.57 and a further move in the downwards direction, the last 24 hours have been marked with a significant distribution of the AAVE tokens. 

Piggybacking off the general price retracement that hit the crypto market in May following the bloodbath in April, a look at the MACD revealed a bullish reaction on 19 May. However, at press time, a reversal in the progression of the MACD was spotted with the MACD line