AAVE Price Recovered From Demand Zone: Bulls Eyeing $150 Mark?

• Aave crypto price has just surpassed the key moving averages.
• The AAVE price has jumped by 26% in the past 5 days.

The chart structure displays that the AAVE price has shown price rejection from the $80 hurdle and gained buying momentum. On a broader time frame, the AAVE crypto price has been in a bearish trend since its launch date and has undergone a consolidation phase. 

 Since mid-April, the Aave crypto price has managed to defend the $80 mark thrice and recently bounced back. The digital asset price has triggered a breakout from the 200-day EMA, and bulls are strong.

At press time, the Aave price traded at $106.19, gaining 8.15% in the past 24 hours. The market capitalization is $1.57 Billion, and the 24-hour trading volume is $174.18 Million. The circulating supply is 14,81,534 AAVE, and the total supply is 16,000,000,000 AAVE.

Aave Price Has Triggered a Breakout From Key Moving Averages: Will It Keep It Up?

The chart structure demonstrates that the bulls are strong and have been bullish for the past few days. Aave price has retrieved from the demand zone and picked up bullish momentum. 

Suppose the AAVE price manages to sustain itself over the key moving averages, then buyers may show interest. If the running candlestick closes over the 200-day EMA and the trading volume increases, the price reaches the last swing high in the past few days.

Alternatively, if the AAVE crypto price fails to sustain itself over the 200-day EMA and slips below, it may turn into a fake breakout. Most buyers may get trapped in the fake breakout, leading to strong selling pressure for a few days.

Turning to the technical indicators, the Aave price traded over the key moving average at the time of writing. RSI is 67, which has rapidly extended to the overbought zone. Comprehensively, the technical indicators favor bullish momentum.

Volume Has Surged by 400%: What’s Going On?

The given data suggests that the trading volume has increased by 400% in the last 5 days, impacting the Aave price positively. Due to the huge change in trading volume, the AAVE price has risen by 26% in less than a week.

Conclusion

It seems that the Bulls have won the battle between bulls and bears, as seen on the chart. According to the chart, the AAVE price has traded over the key moving averages at the time of writing. 

Buyers may follow the trend if the price is sustained over the 200-day EMA. On the other hand, if the sellers drag down the Aave crypto price below the key moving averages, then selling momentum for the short term can be expected.

Technical Levels

Based on the chart structure, the Aave crypto price may take support at the $95.00 and $80 marks. Alternatively, it may face resistance from the $110.00 and $130.00 levels.

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.