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Aave (AAVE) continued its strong recovery with an 8.5% gain. The retest of the uptrend order block on September 12th triggered an 18% rally that pushed AAVE to the $61 resistance. So what levels can we expect for the cryptocurrency in the coming days?
Psychological Level in AAVE!
While cryptocurrency buyers were hoping for $70, the recent gains broke the selling pressure at the $61 level. With Bitcoin‘s (BTC) rise to the $27,000 price zone, AAVE may offer more buying opportunities for bulls. A recent price analysis in AAVE highlighted a price increase opportunity for bulls at the intersection of the $50 psychological level and the uptrend order block.
The opportunity was fully maximized by bulls on the daily timeframe, showing a strong upward momentum. The buying pressure became evident as the Relative Strength Index (RSI) quickly rose to 65. The On-Balance Volume (OBV) also continued the uptrend with a 500,000 increase in trading volume.
Future of AAVE Token!
After successfully turning the $61 price level into support, buyers can target the price levels between $65 and $67.5 as short-term targets. However, sellers have maintained their active positions on lower timeframes. The next resistance level at $69 may provide an opportunity for short position gains.
Four-hour data obtained from Coinglass may indicate a growing share of long positions in AAVE Long/Short positions. At the time of writing, the share of long-term contracts in open contracts was 52.27% and stood at $17.96 million. This situation represented a significant advantage for bulls as it extended their buying spree and potentially turned the market structure of AAVE into an uptrend in the long run.
In conclusion, Aave surpassed the $61 resistance with an 8.5% gain and increased its upward momentum. It has more potential for growth due to the influence of Bitcoin. Technical indicators show that bulls are in control and targeting the range of $65-67.5. However, sellers are also active, and the $69 resistance may be significant. The growth of long-term contracts is advantageous for bulls.