- The AAVE coin price is trading at $116.94 while observing an increase of 3.56% during the intraday trading session.
- Moving averages are indicating a strong positive signal in the current phase.
- The trading volume of AAVE has increased by 67.80% in the last 24 hours.
Aave offers crypto loans using smart contracts to automate the borrowing process by calculating loan terms. It is an Ethereum-based protocol. Lenders can deposit crypto into the platform and earn interest paid by the borrowers. AAVE offers liquidity pools in which users can deposit crypto assets, and those assets are lent to borrowers instead of matching lenders and borrowers directly.
Previous Price Movements and Important Levels of AAVE Coin
The AAVE coin price started an impulsive bullish rally from the $47.26 support level in June 2023. The price experienced an upsurge of over 80% from the support, which resulted in a change of character. The impulsive move is enough for the investors.
They started taking positions on the $54.41 demand level and took the price above the $87.82 resistance level. That resulted in the breakout of the resistance. However, the sentiments were still bearish, which caused an instant selling from $87.82.
The price dropped 95% to the $3.44 level and pumped to the same level in a single day. This change has completely turned the market sentiment of AAVE coin into bullish. Subsequently, the price surged 47% and reached the 130.18 resistance level.
Moreover, the current AAVE coin price is trading at $116.94. The price is performing 82.49% below its all-time high price, which is at $666.86. The current circulation supply of the AAVE coin is around 14.7 Billion AAVE.
Technical Analysis of the AAVE Coin
The AAVE coin price is moving above the 50-day and the 200-day EMAs, reflecting a bullish trend. Recently, it got a strong bullish response from the 200-day EMA, Which makes it a strong support slope for the uptrend.
The AAVE coin price has given a breakout at $87.82 from a trendline forming below. Afterward, the price retested the trendline which resulted in a quick spike from the $70.07 level. It indicates the buyers’ sentiments at that level.
The price surged 35% from the breakout level. It is currently moving toward the $130.18 resistance level. If the price closes above that level, it may make a bullish correction on the $130.18 resistance and continue its move toward the $164.28 resistance.
Furthermore, the relative strength index (RSI) has taken support on the 70-mark upper band. It is showing internal bullish divergence in the strength and can lead price to a strong upward momentum.
Summary
Overall, the AAVE coin price is moving in a bullish trend and the technical indicators summary suggested a positive signal in the current trading phase. Regardings the price action, the price has given a breakout from the trendline and is moving toward the $130.18 resistance level. If the price makes a bullish correction above this level, it may reach the $164.28 resistance.
Technical Levels
- Resistance Levels: $130.18 and $164.28
- Support Levels: $87.82 and $70.07
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 stocks comes with a risk of financial loss.