The Aevo (AEVO) price has surged by 5.1% in the last 24 hours to trade at $0.3274 as of 5:25 a.m. EST, on a 1.1% plunge in trading volume to $87 million. The market cap is now at $284 million. Aevo may not yet be widely recognized in the crypto world, but it’s quickly gaining traction among investors who see its potential. As a decentralized derivatives exchange built on Ethereum, AEVO is attracting attention from those seeking the next big opportunity in DeFi (decentralized finance).
Although it remains uncertain whether Aevo will test the $5-15 range, one key factor driving its current price is its commitment to decentralization and user empowerment. With more people looking for alternatives to traditional finance, AEVO’s appeal continues to grow.
📈LONG: #AEVOUSDT $AEVO by @WCSERA
Title: @aevoxyz AEVO Trade Opportunity: Potential Formation of Double Bottom Pattern Aevousdt broke downtrend line, pulled back and bounced strongly. Price action suggests potential double bottom pattern, bullish reversal possible. pic.twitter.com/QV3KR2ubTH
— Crypto | ChartMonkey (@ChartMonkeyBTC) September 2, 2024
As one of AEVO’s developers stated, “We believe in creating a decentralized future where users have full control over their assets.”
Aevo Statistics
- Aevo price: $0.3274
- Market cap: $284 million
- Trading volume: $87 million
- Circulating supply: 869 million
- Total supply: 1 billion
Aevo Price Plans for a Bullish Reversal
The Aevo price has recently experienced a steady downward trend, which is a result of the bearish strength that stressed the market. The downward trend has led to the formation of a falling wedge pattern. The pattern symbolizes an upcoming bullish reversal. The bulls regained momentum at the $0.2857 support level, declining to cross below the lower trend line zone of the falling wedge. This has brought hope to the likelihood of a bullish reversal to occur.
Aevo price is currently trading below the 200-day and 50-day simple moving average (SMA). All of this is about to change since the bulls are seen to have regained momentum by trying to recover their losses as they push the price high to cross the 50-day SMA. If the bulls manage to cross the 50-day SMA there will be a high probability of a bullish reversal to occur since the 50-day SMA will be made the key support level of Aevo price.
The relative strength index also strongly suggests a high probability of Aevo encountering a bullish reversal. The RSI is trending towards the 50-midline level, and the bulls have shown strength in the RSI, forming a spike before reaching the 30-oversold level. If the bulls maintain their momentum, the RSI might manage to cross over the 50-midline level. This will also support the probability of a bullish reversal to occur.
The moving average convergence divergence supports the probability of a bullish reversal to occur. The blue line is on track to cross above the orange signal line. Additionally, the red histogram bars are decreasing in size and number. This indicates that Aevo’s price will switch from a bearish trend to a bullish trend.
Aevo Price Prediction
If the bears continue to dominate, Aevo’s price is likely to break below the 50-day Simple Moving Average (SMA), signaling further downside pressure. A successful breach of this key support level could see the bears pushing the price towards the next target of $0.5494, a significant level that could act as either a support or resistance depending on market sentiment.
However, if bearish momentum intensifies and sellers reclaim control, we could see a more aggressive downside move aiming for $0.2577. A drop to this level would not only reinforce the bearish trend but also provide sellers with a stronger foothold, potentially leading to further declines.