web3.0AAVE Price Could Continue Bullish Spike If This Resistance Flips to Support: Here Are the Key Levels to Watch
The price of AAVE has been strong since breaking out of a descending channel pattern two weeks ago. After the breakout, the price retested the level successfully and has since been rising steadily.
AAVE cryptocurrency price has made a strong rise after breaking out of a downward channel pattern two weeks ago.
The price successfully retested the level after this breakout and has been rising steadily ever since.
Currently, AAVE price is breaking out of the $112 zone. If there is a break above this level, the price is expected to increase by more than 10% to $130.
Also Read: Bittensor and Injective Price Analysis: TAO Approaching $340 Resistance, INJ Approaching Important Demand Zone
The relative strength index (RSI) is at 69, indicating that the price will soon reach the overbought level. Prices generally have a high chance of retracement at overbought levels, i.e. 70 and above.
The 50-day simple moving average (SMA) is trending below the price, which is likely to act as support in the event of a longer price pullback.
100-day and 200-day SMAs can also act as support during pullbacks.
Long Term Trend Still Bearish According to AltFINS
According to crypto analysis company altFINS, Aave price is in an uptrend, forming higher tops and bottoms. The price broke the $105 resistance and the 200-day moving average near $100.
Source: altFINS - Get started today
This caused the start of a 15% upward movement that could reach up to $120. The expert believes that the short- and medium-term trends are strongly upward, while the long-term trend is still bearish.
According to the analysis, the nearest support levels are $90 and $80, while the nearest resistance level is $118.
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