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- 1 AAVE price defends $70.00 level and breakout of previous week high.
- 2 AAVE crypto price strikes a 50 day EMA and might test the 200 day EMA.
- 3 AAVE price prediction suggests a rise in the long term and might see an upward range expansion.
AAVE price showed a nominal recovery of 15% approx from the recent swing low and forming a double bottom bullish pattern. AAVE crypto price strikes the 50 day EMA showcase bulls are trying to reverse the short term trend in the upward direction. AAVE crypto volume is flat and does not show any massive spike in the past couple of days.
AAVE price is trading at $76.00 with an intraday rise of 3.12% and 24 hour volume to market cap ratio is at 0.057. The pair of AAVE/BTC is trading at 0.002684 with an intraday rise of 1.09% shows a big gap between both the pairs. At the beginning of March, AAVE price dropped below the 50 and 200 day EMA which triggers minor profit booking from the higher levels. Moreover, it also slipped below the lower range which invited further decline and prices hit low at $63.90.
Later, in the mid of March, the global market sentiment improves and AAVE price gained some positive momentum from the demand zone. However, the momentum halted at the 50 day EMA which is acting as an immediate hurdle for the bullish traders.
Will AAVE price break the 200 day EMA?
AAVE price formed a bullish hammer candle near the demand zone indicates responsive buyers are active at lower levels. Therefore, $65.00 will act as a strong support level in coming months. However, if the AAVE crypto price drops below the $65.00 level then bears might try to drag it down toward the yearly lows.
Presently, AAVE price is approaching the 200 day EMA and if the overall market sentiment remains bullish then buyers might succeed to push the price above the EMA.
AAVE crypto returning back to track?
AAVE price had breakout of the previous week high which indicates that buyers are returning back to the bullish track. However, the price will pick up the momentum only when the bull succeeds to break the $82.00 hurdle.
The technical indicators like MACD had generated a positive crossover and histogram bars are on rise indicating mild bullishness. The RSI at 52 denotes neutral territory and the balance between bullish and bearish position.
Conclusion
AAVE price strikes a 50 day EMA and is trying to reverse the trend in the upward direction. The technical analysis suggests, If AAVE crypto price climbs above the 200 day EMA then it might see upward range expansion in the coming months.
Technical levels
Resistance levels : $82.00 and $95.00
Support levels : $65.00 and $50.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.