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- AAVE token breaks out of the round bottom formation in the daily timeframe with a phenomenal volume rise
- The coin is trading above the 50 EMA, in the daily timeframe, with rising momentum.
- The pair of AAVE/BTC is trading at 0.01155 BTC, with an intraday move of -1.78%.
AAVE toke price has a breakout of a spectacular round bottom in the daily timeframe. The price had started an uptrend and created subsequent higher highs before performing this breakout. The price is trading above 50 EMA (yellow), and 200 EMA (white) in the daily timeframe, implying the uptrend might continue further. The live Aave token price today is $563.92, with a 24-hour trading volume of $1,332,588,454.
The coin price is down 3.76% in the last 24 hours. The current ranking is #27, with a live market cap of $7,189,684,465
AAVE token ready for a slow and steady growth
In the 4-hour timeframe, AAVE token price has formed a slightly bullish green candlestick. The price could give a breakout soon, but the direction might not be bullish. The coin price might hit the $700 mark soon. As per the pivot points, $400 is the immediate support level, whereas $750 provides the resistance. Investors may want to wait and observe the effect of the double bottom pattern formed in the 4-hour timeframe.
AAVE coin price is trading significantly above 50 EMA (yellow) in the daily timeframe. Breakout of this zone, supported with the significant EMAs, can be beneficial for investors.
The RSI (bearish) indicates bearish momentum in the 4-hour timeframe while trading at 55. The RSI line is dipped and heading lower. Bearishness can be expected from RSI until it reaches near 44.
The ADX indicates a rising trend momentum while trading at 17, and the slope in ADX is ready to move higher.
Conclusion- Breakout of the round bottom pattern brings hope for the bulls to sprint towards the $900 mark. However, the bearish in the more petite time frame might slow this growth. Investors might see AAVE token price reaching the $700 mark by the end of this month.
Support – $400.
Resistance- $750