- AAVE Token trades close to the resistance of the expanding channel.
- The coin price trades close to the 20-day EMA while other EMAs rise in a bullish alignment.
- The AAVE/BTC is trading at 0.00826 BTC with an intraday fall of -2.04%.
AAVE Token price grows nearly 15% after finding support near the $350 mark close to the support trendline of the expanding channel. Moreover, the support of rising EMAs in the daily chart has stood firm against the bearish attack.
The trading volume (50.2K) has managed to rise above the 20-days volume MA (37K), indicating a rise of interest of investors that might induce further appreciation. Furthermore, the up move indicates growth above the $430 mark.
Presently, the token price is trading at $395.61, with an intraday incline of a 4.86% market cap. Furthermore, the intraday trading volume of the coin boomed 75% in the past 24 hours.
AAVE Token Breaks The Bearish Trendline
In the 4-hour technical chart, the AAVE token has broken above the resistance trendline representing the rise in underlying bullishness. However, investors might observe a short-term retracement as a retest before rising higher above the $400 mark.
The crypto asset trades are significantly higher than the 20-period EMAs, while other EMAs rise higher to attain the bullish alignment. Moreover, the bullish crossover increases the underlying bullishness.s t
Technical analysis suggests that a bullish breakout may have trouble rising above $500. The bearish trend may drop to $275, or even $150, if the price breaches the $350 support level.
Bullish sentiments are on the rise, evident by the RSI indicator as the RSI line slopes upwards.
The ADX indicator signals a slight decline in trend momentum.
The trend’s decline momentum as indicated by the ADX and the EMA indicator’s supporting bullishness cast a solid bullish outlook for the AAVE token price.
Conclusion: To spot a bearish breakout, investors should keep an eye on the $400 level. Investors may be able to buy if the price drops at the support trendline. However, in the unlikely event of a bearish breakout, the coin price could reach the $350 mark.
Support– $350 and $275