- The AAVE coin has breached the horizontal range to the upside but is still struggling to near the falling trendline.
- The AAVE coin is struggling to climb above the 20 Day Exponential Moving Average in the terms of the daily price chart.
- The AAVE coin along with the Bitcoin pair is trading at 0.00342 Satoshis, bullish by 3.8%.
For the previous nine months, the AAVE/USDT pair has been drifting lower within a falling parallel channel pattern. The latest bear cycle, which began around $260, provided the cryptocurrency a 72% discount when it reached the support trendline.
AAVE price fell below the downsloping resistance trendline in a descending channel pattern on April 5. On the daily price chart, the following price action shows a lower-low and lower-high formation, while the cryptocurrency plummeted below the psychological threshold of $150, halting the current decrease for a week.
The AAVE coin has broken over a horizontal range while trade at the $100 level at the time of writing. On the daily price chart, the cryptocurrency is struggling to break through a falling trend line. Similarly, the AAVE coin with the bitcoin pair is trading at 0.00342 satoshis, a 3.8% increase.
There is a need for bulls to manage the conceptual round level of $100 to break this most recent bullish barrier. Meanwhile, traders noted 111% trading volume in the last 24 hours.
20 EMA seems to be a vital resistance zone
In terms of the daily price scale, the altcoin price is approaching the 20 EMA, which has been a bullish barrier for a long time.
Besides, the daily RSI is about to reach the halfway mark (50 points) after dipping into the oversold zone. Above the 50 mark, the bulls may turn more aggressive to buy.
Conclusion
No doubt, the bulls are preparing to climb higher on the AAVE coin above the $100 conceptual round level.
Technical Levels
Support level – $80 and $60
Resistance level – $110 and $140
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
