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- Token has shown signs of bullish actions in previous sessions.
- The pair of AAVE/USDT is trading at the price level of $78.7 with a decrease of -0.51% in the past 24 hours.
AAVE token has gained bullish momentum in recent days after bouncing off the demand zone on the daily time frame. The token is now trading around the long term trend line and is facing resistance near it.
AAVE bulls in action on daily time frame
Token has shown strong momentum in one direction with no pullbacks or retracements. According to the daily chart, AAVE token is currently trading at $78.7, indicating a loss of -0.51% in the last 24 hours. It is now trading between its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Token is facing resistance at the 200 EMA, and we may see a retracement from this level before breaking through.
Relative Strength Index: The asset’s RSI curve is currently trading at 79.82, indicating that it is in a strong overbought zone. The rise in the price of the token has increased the value of the RSI curve. The RSI curve has crossed above the 14 SMA, indicating bullishness. If the token retraces in the next few days, the value of the RSI curve may fall.
Analyst view & Expectations
We may witness a pullback or retracement in the coming days since the token is trading below the long term trend line on the daily time frame and is facing resistance. Investors are recommended not to buy until the token breaks above the trend line and 200 EMA and gives a closing. Intraday traders, on the other hand, have a good opportunity to go long if the price breaks above the resistance level and book profits based on their risk to reward ratio.
According to our current Aave price prediction, the value of Aave is expected to climb by 1.83% in the next few days, reaching $ 79.88. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 45. (Fear). Over the previous 30 days, Aave has 20/30 (67%) green days and 10.77% price volatility. According to our Aave forecast, this is a good moment to purchase Aave once it breaks above the trend line and 200 EMA.
Technical Levels
Major support: $70.3
Major resistance: $82.3
Conclusion
Token has shown signs of bullish momentum in recent days and is forming a bullish chart pattern in recent days. For additional confirmation of the trend, investors should wait for the token to break over the resistance level.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.