- AAVE Price Prediction focuses on the recent bullish price action of the market
- AAVE Price witnessed a bullish reversal of 60% from its support of $50
- AAVE Token returned a profit of 42.78% in the last 6 months.
AAVE Price Prediction sheds light on the change of sentiments as a result of a bullish reversal from the key support of $50. AAVE crypto is trading at $79.62. The market is up 6.47% in the last 24 hours. The 24 hour volume witnessed a rise of 54.89%. The overall market cap of AAVE token is $1,146,945,888.
AAVE Price Prediction: A Bullish Reversal from the Support
AAVE Token witnessed a strong reversal from its major support zone of $50. On the daily chart, the price flipped the 200 EMA which solidifies the bullish sentiments. The recovery jumped the prices by 60% to the resistance of $81.00. The 9 and 15 EMA are pointing up but are yet to cross the 200 EMA.
AAVE price prediction draws a picture of aggressive buying which came right after AAVE crypto broke out of a descending channel. The target of this channel is met with a high volume. The bulls smashed through the resistance of $70 with a high volume. This may be a turning point and AAVE token may head to $120 in the short-term.
Strong uptrend with good volume : Technicals
The 4 hour time frame has turned bullish. AAVE is riding the waves of 9 and 15 EMA.
The volume represents the increased participation from the buyers. On the 25th of June 2023, the market made a volatile move which broke the resistance of $70. It was followed by a pullback to retest the 200 EMA.
AAVE price may get a halt here due to the resistance. The market may consolidate or correct before moving up. Technical indicators represent a steady bullish momentum. Prices may continue to rise if they stay above 200 EMA. Investors are waiting for the breakout of the resistance which will quickly move prices up.
RSI: The RSI indicator is currently at 71.09. It represents oversold conditions . The market is controlled by the bulls and it may continue to rise in the short-term.
MACD: MACD is moving steadily above the 0 line with a green histogram. This indicates that the price is moving with a steady momentum to the upside.
200 EMA: As observed, on the 4hr, the price is trading above the 200 EMA. It acts as a strong support and the market may continue climbing up as long as the prices remain above the indicator.
Conclusion:
AAVE price prediction sheds light on the change of sentiments as a result of a bullish reversal from the key support of $50. AAVE is looking bullish in the short term. The price is trading near resistance and the market may consolidate or get a correction. A bullish outlook remains intact unless the market dips below 200 EMA or support. Investors may wait for a breakout of the resistance or a pullback to support entering ideal positions.
Technical levels
Support Levels: $70 – Support 1
$50- Support 2
Current Price: $79.62
Resistance Levels: $81.60- Resistance 1
$93.80- Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.