Will the AAVE Coin Price Be Able to Achieve the $80 level?

• The Aave’s coin price has jumped over 24% in a month.
• Aave coin’s price is trading close to the Resistance level of $69.5.
• The coin price is trading above the 50-day and 100-day Exponential Moving Average.

The market capital of the Aave Coin – $1.007 billion

The current market price of the Aave coin – $69.01

AAVE Token Summary

The Aave token price in the current trading session is trading in green with a rise of $1.64 or 2.44%. The price of the coin has surged by over 9% in a week and 24% in a month. That indicates the bulls are in control over the price in a short-term horizon. The price has declined by over 7%, which signifies that. Apart from the current gains, the coin has been dominated by the sellers.

The Aave coin is changing its structure from bearish to bullish as the price is forming a higher high and higher low formation. The price has formed a double-bottom pattern and currently trading close to the resistance level of $69.5. If we observe the price has formed a base at this level and spent more than a year at lower levels. The coin is facing a strong rejection from upper levels as the resistance of the coin is continuously shifting downwards. 

Technical Analysis of the AAVE Token

The Aave coin price has formed a declining trendline and faced rejection more than 4 times till now from this trendline. If we observe the chart, it seems that the price has formed a base near the $50 level. The coin can face some resistance near the $71.2 level, where the trendline is currently present. If we discuss the other resistance level, then it is present near the  $82.73 level.

The price can also face the rejection from $96.66, $116.33, and $125.07 levels. This level has been Mentioned as resistance 1, resistance 2, and resistance 3 on the chart respectively. If we look for the support level, then it is present near the price of $59.78 and $51.57 level. The Coin is looking strong as the price has formed some consecutive bullish candles near the support zone.

If we analyze the indicators, both the Indicators i.e. EMA and MACD are showing bullish signals. The price is currently trading above the 50-day and 100-day Exponential Moving Averages (EMA), which shows that the price is bullish. If we look closely at the chart, the price has taken support from the 50 EMA level and jumped sharply. MACD is now above the zero line which also indicates that the price is bullish.

Conclusion

Both the indicator and price action indicate a bullish momentum. The price is trading very close to the resistance level which can halt the upside momentum for some time. If the price breaks the trendline, it can head towards the $82.73 level. If the price faces rejection from the trendline and starts falling, it can come back to the $59.78 level.

Technical Level

Resistance – $82.73 and $96.66

Support – $59.78 and $50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.