- AAVE price prediction highlights the sideways market condition after a bullish recovery
- AAVE crypto price reported a year-to-date profit of 43.38%
- AAVE token is taking a pullback to the support of $69.80 after a bullish rally.
AAVE’s (AAVE) price prediction sheds light on the sideways price action of the AAVE token, which succeeded in a bullish recovery from its support level. The AAVE crypto price has been sliding since February 2023 after failing to invade the resistance of $93.81. Following a rejection, the bears took control and sank AAVE price by 48% to the important support level of $52.24. Since then, the price has made a recovery to its current market level.
At the time of writing, the current market price of AAVE is $73.89. The 24-hour trading volume surged 51.51%. The market is up 5.12% in the last 24 hours. The overall market cap of AAVE is $1,071,036,513.
Can AAVE Crypto Resume its Bullish Recovery?
AAVE’s (AAVE) price prediction indicates that the price is in a consolidation phase after recovering from support levels. The bulls pulled the price from its major demand zone and demonstrated a bullish recovery of almost 80%. The bullish momentum briefly pushed AAVE crypto price above the resistance level of $82.
Although the price peaked at $87.38, it could not sustain above the resistance, which led to a 22% correction to the support level of $68.29. This caused the AAVE crypto to lose its bullish momentum and move sideways. The volume has declined significantly after the correction indicating profit booking and fresh selling.
Will AAVE Break the Range to The Upside?
On the 4-hour chart, the AAVE crypto price shows the lack of participation from investors as the price trades in a range. The market is trying to bounce from support and the 200 EMA. The price was in a strong uptrend prior to the correction, which caused the buyers to lose confidence.
Presently, the AAVE token price is trading near a key support area where the bulls are trying hard to push the price up. Failure to do so will invite the bears, who can bring down the price by 25%, to its critical support zone. On the flip side, the bulls may try to bounce the price from here and attempt to invade the resistance level to further push the price up.
RSI
The RSI indicator is currently at 63.28. It represents bullish conditions where the price may continue to rise until RSI goes below 50. Aggressive buying may happen only if RSI goes above 70
MACD
MACD is making a bullish crossover below the zero line. The market may recover in the short term but will rise significantly if the indicator crosses the 0 line.
200 EMA
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA.
Conclusion
AAVE’s (AAVE) price prediction sheds light on the sideways price action of the AAVE token, which succeeded in a bullish recovery from its support level. Since the price is trading in a zone, it won’t be easy to predict the price unless it escapes the range. The investors are waiting for the price to break out from the range and hoping for it to break the resistance instead of the support. Volatility is imminent and it would be wise to consider a good risk management strategy to avoid losses.
Technical Levels
- Support Level: The nearest support level is $81.57
- Resistance Level: The nearest resistance level is $69.00
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.