AAVE Price Analysis: Bulls Eyeing $80 as AAVE Attempts Breakout from Falling Channel
Crypto News – The price of AAVE is currently hovering around a crucial juncture near $70 and the 200-day Exponential Moving Average (EMA). What’s more, the price action indicates that buyers are eager to surpass the 200-day EMA and may have their sights set on the $100 mark in the upcoming sessions. However, for this rally to materialize, bulls need to muster significant momentum to outwit the bears. Conversely, if sellers step in, AAVE’s price could retest the immediate support zone at $60.
Additionally, the chart suggests that AAVE has exited its correction phase and is making a push toward the $80 level. Even amidst bearish market sentiment, AAVE’s price has maintained its momentum and held firm in the demand zone at $50, which is a positive sign for the long-term outlook.
AAVE has formed a double bottom pattern near the $50 mark and has rebounded strongly, potentially heading towards $70 and then $80. Despite facing resistance at the 200-day EMA, the bulls have managed to hold onto their gains and are attempting to break free from this zone. AAVE’s price currently hovers around the $68 trendline within a falling channel. Notably, the price action has not established a lower low, signaling a robust bounce.
At the time of writing, AAVE is trading at $66.39, reflecting a 6.94% intraday gain and indicating significant buying interest in the previous trading session. Trading volume has increased by 5.89% to reach $131.97 million, while the AAVE/BTC pair stands at 0.00222 BTC. AAVE boasts a market capitalization of $979.59 million. Furthermore, analysts have maintained a neutral rating and suggest a positive growth outlook.
Is AAVE Poised to Break Above $70?
On the daily charts, AAVE’s price is in close proximity to the 200-day EMA, and buyers are exhibiting a strong desire to overcome immediate obstacles. AAVE’s price is trading near the 50% Fibonacci retracement zone and is within striking distance of the mid Bollinger Band.
The Relative Strength Index (RSI) is hovering close to neutrality and is edging towards the overbought zone, underscoring the accumulation of buyers on the charts. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is displaying a bullish crossover with fresh green bars, indicating a growing interest from buyers during the last trading session.
In Summary
AAVE’s price is currently ensconced within a falling channel, and it is making a concerted effort to breach the immediate hurdle at $70 near the 200-day EMA. The price action underscores the accumulation of buyers, hinting at a potential upward movement towards the $80 level. If the upper trendline of the channel is breached, a fresh surge in buying interest could propel AAVE toward the $80 milestone.
Technical Levels
Support Levels: $65 and $60
Resistance Levels: $70 and $75
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