- The 4hr time frame shows the formation of an ascending triangle.
- The AAVE/BTC pair was trading at 0.01057 BTC with a gain of 4.86%
- The 24 hr trading volume in AAVE is $269.91Mn.
In the daily time frame chart, AAVE token shows price moving in a range has the absolute resistance and support as $412 and $280 respectively, both of them have been respected twice. Now the price continues to travel within this range. Recently price has also taken support from $345, which can also be considered a vital support level.
Regarding the important EMA’S, the price is trading below the vital EMA’s 20-50-100, coinciding with the $411 resistance level providing strong resistance to FIl.
The 200EMA is trading below the price and will act as strong support as the price moves lower.
The Macd indicator has given a bullish crossover of the MACD line and signal line at the overselling zone, which is usually a buy signal. As the structure of these and histogram is not that strong, it can be stated that bullish momentum is still weak.
An Ascending Triangle Spotted In AAV Token In 4hr Time Frame.
In the 4hr time frame chart, AAVE is showing a formation of ascending triangle pattern. This pattern has a similar resistance of $411 as mentioned above for the range of daily time frame. This breakout of this level could provide an excellent opportunity to make money. Also, the trendline shown in the chart will give strong support to the price for any movement on the downside.
The rsi is currently at 59, indicating a bullish momentum is in play.
Conclusion: From the technical perspective, price is currently in a range providing not so many lucrative opportunities. Thus investors should wait patiently for the price to break out from this resistance level of $411 which could offer them the first target till $470.
Also, as this range is significant enough, some investors can use inside-the-range strategies to take trades to gain smaller profits.