AAVE Price in Demand Zone: Will It Extend to $150 Mark This Month?

• The AAVE crypto price has surged by 20% in the past 2 days.
• RSI has rapidly surged to 51 after generating a bullish crossover with the RSI-based moving average.

The chart structure displays that the Aave crypto price has defended the $80 mark multiple times since mid-April. Since March, the digital asset price has been on a bearish trend, and sellers are struggling to drag the price below the major support level of $80.

According to the chart, the Aave price experienced buying pressure at the $80 hurdle since April, acting as a demand zone. Since April, the Aave price has struggled to exceed the 200-day EMA, but sellers are strong enough. 

The price has formed a base at the major support level, surpassed the 20-day EMA, and seems to face resistance from the 200-day EMA.

At press time, the AAVE price traded at $90.26 with an intraday loss of 1.98%. The market capitalization is $1.35 Billion, and the 24-hour trading volume is $113.68 Million. The circulating supply is 14,852,573 AAVE, and the fully diluted market cap is $1.44 Billion.

Aave Price Expecting to Bounce Back Soon?

$70 and $50 strong supports, expect bounces.
$50 for large buys (80% chance of retest)

Not financial advice. Trading is high risk. Past performance isn't indicative. I invest in mentioned projects. Viewers should make their own decisions and seek professional advice.$AAVE https://t.co/MsktqHa9UX pic.twitter.com/PRMN0gvrgi

— James CryptoGuru (@Jamyies) June 25, 2024

Based on a source on X, the AAVE crypto price is expected to take a reversal from the $70 hurdle. Big players might go for the liquidation below the $70 mark and plan buying positions at the $50 mark. The Aave crypto price has generated a strong support level at the $50 level in a broader time frame.

Technical Analysis of AAVE Crypto Price Over 1-D Timeframe

On a daily time frame, the Aave crypto price triggered a breakout from the 200-day EMA but failed to sustain and slipped below. Currently, the digital asset price has extended to the 200-day EMA and is facing resistance.

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A breakout from the 200-day EMA may help to initiate buying pressure, and the price may extend to the $140 mark in the next few months. Supporting trading volume may give strength, and the AAVE price may remain bullish for a longer time.

The chart structure displays that the Aave crypto price has been falling by facing a trendline’s resistance and forming lower lows and lower highs. Currently, the price is on the way to develop a new lower high. 

Bears may become confident if the digital asset price faces resistance from the trendline and forms a strong bearish candlestick pattern. Sellers may drag down the price to the major support level of $80 in a few weeks.

According to the technical indicators, the Aave crypto price has surpassed the 20-day EMA and is heading for the 200-day EMA, experiencing buying momentum. MACD has formed green histograms and has generated a bullish crossover with the Signal line.

Summary

In a broader time frame, the Aave crypto price has been in a bullish trend and has lost around 85% from its all-time high. In the short term, the Aave crypto price has been falling due to resistance from a trendline. 

The price has surpassed the 20-day EMA and is approaching the 200-day EMA. Overall, the Aave crypto price demonstrates a bullish forecast.

Technical Levels

Aave crypto price is expected to face resistance from the $110 and $130 levels. The price may take support at the $80 and $50 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.