- Polygon’s top 10 coins by total value were shared in a recent tweet, with Aave Polygon topping the list.
- AAVE is trading below the crucial 200-day moving average, indicating a bearish market sentiment.
- AAVE’s 1-hour chart displays an RSI value of 34.67, almost reaching the oversold region of 30.
In a recent tweet, the popular blockchain platform Polygon, also known as MATIC, shared the top ten coins by total value locked within its ecosystem. The tweet highlights that Polygon is a decentralized scaling platform built on Ethereum technology that facilitates the creation of scalable, user-friendly decentralized applications with low transaction fees.
According to the tweet, the top ten coins by total value locked in Polygon’s ecosystem are as follows: Aave, Quickswap, Balancer, UniSwap V3, Beefy.Finance, Curve DAO, Tetu, Stargate, Klima DAO, and Sushi.
The 1-hour technical chart of AAVE reveals that the crypto is currently trading below the crucial 200-day MA (yellow line), signifying a bearish market sentiment. Despite two failed attempts by the bulls to push the price above the 200-day MA, the bears have successfully continued to exert their dominance, driving the price downward.
Furthermore, AAVE’s current 1-hour resistance level is located between $83.5 and $82.6. A successful breakout from this resistance zone could potentially propel AAVE’s price to $87.3. However, traders should also be wary of the possibility of AAVE hitting a support level between $77.8 and $76.9.
The RSI value of AAVE is displayed at 34.67, denoting that the coin has almost reached the oversold region of 30, where we can expect a bounce from the current support level.
As per the latest CoinMarketCap report, AAVE is currently exchanging hands at $79.42, showing a dip of 2.78% in the past 24 hours. The trading volume for the last 24 hours stood at $67,491,663, with a decrease of 9% in comparison to the previous day’s volume. It is worth keeping a close eye on these metrics to gain insights into the asset’s price action and overall market sentiment.
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