Aave Crypto Price Records Increased Bullish Action, Not Oversold or Overbought

Despite the bearish price action in the crypto market, AAVE has managed to swim against the tide. The AAVE price has continued trading under a bullish

Despite the bearish trend in the crypto market, AAVE has managed to swim against the tide and maintain a bullish price action. Notably, the altcoin has risen over 8% in the past day and approximately 16% over the past week, sparking interest among investors. Moreover, it has formed an ascending channel pattern, indicating a positive outlook.

The MACD indicator shows a steady uptrend in its green histogram, indicating growing bullish momentum. The MACD averages suggest a high probability of a bullish crossover, indicating increasing buying pressure that may drive up the price of AAVE in the crypto market. The 50/200-day EMA crossover is bullish, indicating a strong uptrend and potential for continued price appreciation for Aave coin in the upcoming days.

Our technical analysis suggests that Aave Coin’s long-term trend, indicated by its 200-day Simple Moving Average (SMA), is set to rise over the next month, targeting a value of $104.96 by August 20. Meanwhile, the short-term 50-day SMA is expected to eye $96.35 by the same date. Additionally, the Relative Strength Index (RSI) currently reads 56.79, indicating a Neutral market sentiment for Aave, highlighting that the cryptocurrency is neither overbought nor oversold.

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