AAVE Technical Analysis

Holla viewers,

This is Megha Chhikara back with a brand new coin for you!

Today, we will analyze the torchbearer of bullish hope in this correction phase, you heard us, it’s AAVE!

Being one of the few altcoins to showcase correction during the bear market, AAVE token seems to be getting an overload of bullish attention. Surpassing multiple bearish resistances and the technical indicators taking a bullish side, it seems on the way to recovering a lot of its lost market value. 

The bull run we saw last week, increases the number of AAVE buyers. However, should you consider betting on sustenance above $100?

Well to find these answers do watch the entire video to better understand AAVE price action, and don’t forget to hit the subscribe button!

So beginning with the market values, AAVE's current market price today is $103.04 at 5:30 GMT, a rise of 3.68% in the past 24 hours, not bad AAVE!

 This increase along with the $100 breakout reflects a stronger bullish side.

The increase in buying pressure boosts the market value of AAVE by 27% in the last seven days following the consolidation and the trendline breakout.

Shifting our focus towards more graphical area, so lets see what lies ahead for AAVE.

https://www.tradingview.com/x/pNL74pt5/

The technical chart of AAVE/USD displays a tense bearish trend following the reverse of the $75 mark. The reversal breaks above the critical resistance threshold of $100. However, a retest candle forms in the daily chart preparing for the start of a post-retest reversal.

Moving to the technical indicators, we see a slow-moving uptrend in the RSI slope getting closer to the midline, reflecting a growing underlying bullishness. Furthermore, the 14-day SMA line continues to show the uptrend and is ready to help assist the $100 retest.

The Stochastic indicator displays that the K and the D lines blending in the overbought zone show the bull cycle closing. The indicator also indicates a greater likelihood of a decline.

In simple terms, AAVE prices find sellers lined up above $100, hoping for a rebound to around under the trendline.

Considering the retest is successful, a reversal will drive AAVE prices to $150 if it surpasses the $115 mark and the 50-day EMA, depicted by the red line in the chart. However, a crash under the trendline can result in a retracement to $75.

This was the technical analysis for AAVE. We hope this was helpful, and you got what you were looking for!! If you enjoyed the session, please subscribe to Cryptoknowmics!!