- AAVE token price reclaimed the 20 EMA in the daily time frame chart
- The AAVE/BTC pair was trading at 0.006583 BTC with a gain of 4.75%
- The 24hr trading volume in AAVE token is $331.5 Million
On 29th September, the AAVE token price bounced from the $260 support, with a morning star pattern. The price is currently trying to breach from the nearest resistance of $311, confluence with the trend defining 200 EMA. If the price manages to give a decisive breakout from these levels, the AAVE traders will obtain a strong signal for a bull rally.
Concerning the EMA’s, the AAVE token is trading below the critical EMA’s 50,100, and 200, indicating a bearish trend formation. However, the token’s price has crossed above the 20 EMA line.
The RSI (NEUTRAL) current value is 50, indicating a neutral sentiment in the AAVE token. However, the RSI has shown a strong surge in its value concerning the coin’s price action.
AAVE Token Price Showcase A Breakout From A Small Range
The AAVE token price showcased a breakdown from a short-range in the 4hr time frame. The crucial SR levels of this range are $260 and $311. As the price is trying to break out from the overhead of this range, the crypto trade can grab an excellent entry opportunity for them. The current price of the AAVE token is $318, with an intraday gain of 5.07%.
The moving average convergence/divergence(MACD) indicator (BULLISH) shows both the MACD and signal lines have just crossed above the neutral zone(0.00), indicating bullish momentum in the price.
Conclusion: From the technical perspective, the AAVE token suggests a good possibility of continuing its uptrend. And as mentioned above, the token price is also trying to reclaim the 200-day EMA line. The crypto trade should wait until the price provides a candle closing above this level to obtain proper confirmation for a long trade.
Support: $260
Resistance: $311, $347