- The Aave crypto price has risen 22% in the last three weeks.
- The AAVE price trades over the significant moving average, showcasing a bullish trend.
As per the technical chart, the Aave (AAVE) price has witnessed slow and steady gains since September 2023 and has risen by forming higher lows and higher highs. The price recorded a 52-week high of $129.88 on December 28, 2023, but failed to sustain. The bullish trend was interrupted near the $120 hurdle, and the price declined by 30% in a month.
Since the beginning of this month, the AAVE price has been trading below the 200-day moving average. Yet, the buyers lifted the price over the EMA and showed bullish momentum in the next few weeks. The AAVE crypto price recently triggered a pullback and rose 8% in three days.
The RSI is at 64, continuously rising and heading for the overbought zone, indicating the buying signal. The circulating supply of Aave is 14,742,360 AAVE, and the total supply is 16,000,000 AAVE.
The AAVE Crypto Price Technical Analysis on 1-D Timeframe
The Aave price has triggered a pullback on a daily time frame and surpassed the recent high and the 50-day moving average. It is heading for the resistance level of $120. If the AAVE chart manages to attract buyers, it may approach the $120 level.
Buyers may prefer to book profit if the price reaches the last swing high, which may result in a negative momentum. During this negative momentum, if the price slips below the $110 mark, the price will melt to the support level of $80.
Suppose the crypto asset’s price spends some time near the $120 mark and gives a positive breakout with solid volume; a bullish momentum for the next few weeks or months can be observed.
Technical Analysis of the AAVE Price Over 4-H Timeframe
The AAVE crypto price is trading at $101.72, which has increased by 1.40% in the last 24 hours. The current market capitalization is $1.49 billion, and the trading volume is $114.43 million.
The AAVE price has been surging through an inclining channel in a 4-hour time frame. If the price slips below the channel and fails to defend the 200-day moving average, a selling signal can be generated, and bears may dominate further.
But if the price defends the 50-day moving average, the price may keep rising through the channel. If the buyers pump the price and the price gives a breakout from the channel, bullish momentum may be initiated in the short term.
Conclusion
As we can see on the technical chart, the AAVE price has witnessed profit booking after the bullish momentum. The price took support on the $82 mark and recovered recent losses, heading for the 52-week high. Aave crypto price has surpassed the significant moving average, which indicates the bullish grip, and RSI is also heading for the overbought zone.
Technical Levels
Resistance: $110.00 & $120.00
Support: $82.36 & $60.00
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.