AAVE Price Prediction: Will AAVE Reclaim $100 Mark Amid Rejection
- 1 AAVE price witnessed a throwback from the round mark of $100.
- 2 Buyers are holding the gains near the 20-day EMA mark.
AAVE token price healed from the bottom mark of $50 and surpassed the trendline barrier of $70, noting a breakout on the daily chart. Moreover, the sharp comeback glimpsed a potential reversal and signifies the bulls’ dominance. Additionally, the buyers showcased their muscles and retested the round mark of $100. Meanwhile, the bulls have failed to sustain the zone and slipped to the 20-day EMA mark. Amid the rejection, a bullish engulfing candlestick was formed and noted a pullback from the 50-day EMA.
AAVE token price witnessed a sharp recovery as the token took support on the 50-day EMA near $85. This month, the token surged over 55% and attained buying momentum. Moreover, the sellers have started covering their short positions.
The live price of the AAVE token is $90.08, with an intraday gain of 1.21%, showing neutrality on the charts. Moreover, the trading volume increased by 11% to $149.53 Million, while the market cap is $1.34 Billion. Analysts have maintained a neutral rating and suggest a growth outlook for the upcoming sessions.
Will AAVE Surpass Immediate Barrier of $100?
The AAVE token price witnessed a trendline breakout above $70 on the daily charts, accumulating the gains. Furthermore, the token has noted a trend reversal and is trying to fly above the prompt hurdle of $100. However, sellers still protected the region tightly and did not permit the bulls to skyrocket the token.
The RSI curve stayed in the overbought zone and noted a negative divergence on the charts. The MACD indicator showed a bearish crossover and red bars on the histogram, suggesting a volatile outlook for the upcoming sessions.
Weekly Charts Shows Bulls Comeback
On the weekly chart, the AAVE token is trading close to the upper edge of the consolidation phase and is close to the 100-day EMA mark. Moreover, the buyers have regained strength and are trying to break out above the round mark of $100.
AAVE token price has supported the 38.2% Fibonacci retracement zone and is above the mid-bollinger band on the weekly chart.
Summary
AAVE token price has initiated a comeback, looks stronger per the technicals, and is trying to escape the round mark of $100. However, the sellers have covered the zone and prevented it from being split. Additionally, the token recovered from the lows of the range, where the token took support from the round mark of $50.
Technical Levels
Support Levels: $85 and $70
Resistance Levels: $100 and $110
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts round the clock, and is a strong advocate for women in STEM.