AAVE Price Analysis: Will AAVE Surpass $70 or Drags With Channel?
- 1 AAVE price is close to the resistance zone of $70 and showed rejection.
- 2 Buyers are trying to surpass the channel trendline near $70.
AAVE price is trading close to the make or break zone near $70 and the 200-day EMA. Moreover, the price action shows that buyers are willing to surpass the 200 day EMA and are likely to reach $100 in the upcoming sessions. However, bulls must gain aggressive momentum to trap the bears for the initiation of a rally. In contrast, if sellers arise, AAVE price may retest the immediate support zone of $60.
Furthermore, the chart shows that AAVE exited the correction phase and is heading for the $80 level. Amid the bearish market sentiments, AAVE price held the momentum and the demand zone at $50 which is a positive sign for the long term.
AAVE made a double bottom pattern near $50 and rebounded vertically may extend to $70, followed by $80. Despite rejection at the 200 day EMA barrier, bulls held the gains and tried to escape the zone. AAVE price is close to the trendline of $68 and is inside the falling channel. However, the price action did not showcase a lower low yet, signaling a strong bounce.
At press time, AAVE price was $66.39 with an intraday gain of 6.94% showing buying interest in the yesterday’s trading session. Moreover, trading volume increased by 5.89% to $131.97 Million and the pair of AAVE/BTC is at 0.00222 BTC. However, the market cap of AAVE is $979.59 Million. Additionally, analysts maintained a neutral rating and suggest a growth outlook.
Will AAVE Exit the Channel Highs of $70?
On the daily charts, AAVE price is near the 200 day EMA barrier and buyers are showing their willingness to escape the immediate hurdles. AAVE price is trading close to the 50% Fibonacci retracement zone and is close to the mid bollinger band.
The RSI curve stayed near neutrality and is heading toward the overbought zone which highlighting buyers’ accumulation on the charts. The MACD indicator shows a bullish crossover and fresh green bar indicating buyer interest developed yesterday’s trading session.
Summary
AAVE price is inside the falling channel and tried to surpass the immediate hurdle of $70 near the 200 day EMA. Moreover, the price action highlights buyer accumulation and is suggesting an upward movement to the $80 level. If the channel upper trendline is broken, a fresh buying interest leads AAVE toward the swing of $80.
Technical Levels
Support Levels: $65 and $60
Resistance Levels: $70 and $75
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.