u.today
Some of the cryptocurrencies have entered a correction phase, according to CoinMarketCap's ranking.
Top coins by CoinMarketCap
$AAVE/USD
The rate of $AAVE has risen by 1.72% over the previous 24 hours.
$AAVE/USD chart by TradingView" src="https://cnews24.ru/uploads/fc1/fc14a993ebcc599904f91e00c67a4d81cd26cbb9.png" size="2710x1312">
Image by TradingView
On the hourly chart, the rate of $AAVE has made a false breakout of the recently formed support level at $78.67. If the price remains above the $80 zone until the end of the day, one can expect a test of the resistance at $82.81 soon.
$AAVE/USD chart by TradingView" src="https://cnews24.ru/uploads/990/990f5bbfef061baf92b8fb57eef904ec2be996ee.png" size="2710x1198">
Image by TradingView
Despite the false breakout, the price of $AAVE has not fallen, which means that bulls are not giving up so easily. If the daily bar closes near the $81.50 mark, traders may see a breakout followed by a continued rise to the $90 area next week.
$AAVE/USD chart by TradingView" src="https://cnews24.ru/uploads/1ca/1cae6abdf0b30dbafe082c2a345bfa5cefed0f39.png" size="2710x1312">
Image by TradingView
On the weekly time frame, the rate of $AAVE is on the way to the $90 mark. If buyers can reach it and fix the price above, the accumulated energy may be enough for a continued midterm bull run to the $100-$120 zone.
However, it may take a few weeks for such a scenario to happen.
$AAVE is trading at $81.39 at press time.