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Ready with a range breakout, AAVE ignites a bull run with the potential to reach the $150 psychological milestone. Will the uptrend in AAVE survive the broader market correction phase or drop under $100?
Amidst the growingly bearish crypto market, altcoins are struggling to continue their bullish growth. With many under intense correction, AAVE starts a resilient bullish reversal after an overnight fall.
With a bullish reversal teasing a recovery rally starting with an intraday growth today, AAVE eyes $150 this month. So, let’s take a closer look at our AAVE price analysis to find the chances of a 50% bull run.
Range Breakout for AAVE Reclaims $100
In the 1D chart, the AAVE price trend shows a bullish cycle starting from $78, accounting for a 38% surge in the last four weeks. With a higher low formation, AAVE reclaims the psychological mark of $100 and the previous peak at $108.
Concluding the sideways shift after the 35% drop in April, the ongoing recovery marks a consolidation range breakout. Surpassing the overhead ceiling at $110, AAVE takes a retest of the bullish break with an overnight drop of 5.45%.
Currently, AAVE trades at a price of $112.48; the buyers are making a comeback, signalling a post-retest reversal.
With a bullish trend in motion, the rising MACD and signal lines with positive histograms bolster the uptrend chances. Further, the daily RSI line close to the overbought boundary reflects a similar possibility.
As per the Fibonacci retracement levels, the 50% Fibonacci breakout teases a bull run ahead to the 100% Fib level at $142. Optimistically, a push from the broader market recovery could pump the BTC price beyond $150.
Will a Market Crash Plunge AAVE Under $100?
As per the Elliot Waves in the 4H chart, the impulse wave in AAVE completes at $116 and enters an ABC correction wave. Currently, the ABC pattern hints at a retest of the crucial $100 psychological mark.
However, a supply pressure surge will melt down the AAVE market price under $100 to the next support level at $95 or $90. On the positive side, the trend-based Fibonacci level in the 4H chart shines a light on a potential target level of $149.79 with the 1.618 level.