AEVO Price Could Drop Below $0.430 as Bearish Signs Emerge BINANCE:AEVOUSDT slid over 1% in the past 24 hours to trade at $0.4442 at press time.
With this slight retracement, the crypto’s weekly performance has been nudged deeper into the red zone. As a result, the altcoin is down more than 13% over the past 7 days.
The AEVO price has entered a consolidation phase between $0.430 and $0.480 in the past 48 hours. This might be the build up to a strong move. Should the altcoin’s price surge, it could attempt to flip the $0.480 resistance level into support. A 4-hour candle close above this barrier could then give AEVO the technical foundation needed to rise to $0.535.
On the other hand, a breakdown in the AEVO price might lead to it testing the immediate support level at $0.430. Falling below this technical crutch could put the altcoin at risk of plunging to as low as $0.385 in the following couple of days.
Technical indicators on AEVO’s 4-hour chart warn that the crypto might be on the verge of entering a negative cycle. The Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) and short-term Exponential Moving Average (EMAs) are all showing negative signs.
Firstly, the RSI line is positioned below its Simple Moving Average (SMA) line to suggest that sellers have the upper hand against buyers on AEVO’s 4-hour chart. The RSI is, however, starting to rise towards the SMA line. A cross between these two technical indicators could signal a major bullish shift in the crypto’s momentum.
Before traders decide to go long on AEVO, it is important to note that the MACD and short-term EMAs could soon trigger major bearish technical flags. Firstly, the 9 EMA is dropping towards the 20 EMA line. Traders generally see this as an indication that a crypto is losing some of its bullish momentum.
Meanwhile, the MACD line is collapsing towards the MACD Signal line. Although the current orientation of these two lines is bullish, the narrowing gap between them might be an early indication of the AEVO price entering a bearish phase.
The MACD line falling below the MACD Signal line and the 9 EMA crossing below the 20 EMA on the 4-hour chart could serve as a short entry. If these technical occurrences happen and are validated, the AEVO price could soon lose the key $0.430 support.
