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- The AAVE token price has surged by 20% in the past 16 hours, indicating the buyers’ bounce back.
- The AAVE price has triggered a breakout from a trendline and retested.
- Its trading volume has increased by 183% in the past 24 hours.
Per the technical chart, the AAVE price has been defending the major support level of $80 since November 2023. The price has taken support at the $80 level and surged by 30% in less than 3 weeks.
Since the beginning of March, the AAVE price has declined due to the trendline’s resistance. The price has triggered a breakout from the trendline and retested at press time.
The Aave crypto was traded at $100.39, gaining 8.23% in an intraday session.
It had a market capitalization of $1.49 Billion, and the 24-hour trading volume was $253.22 Million. The circulating supply was 14,877,756 AAVE, and the fully diluted market cap was $1.60 Billion at the time of writing.
AAVE Price Has Shaped a Descending Triangle Pattern and Triggered a Breakout
The Aave crypto price chart formed a triangle pattern during the daily time frame. It triggered a breakout from the triangle, and a retest was performed. After retesting, the price surpassed the key moving averages and gained 14%.
Buying momentum can be initiated if the Aave price defends the $100 hurdle. As the price recovers from the demand zone, it may lead to a buying momentum.
The price has tested the $80 level 5 times since April and bounced back. In July, the sellers failed to drag down the price to the major support level. It has triggered a pullback by taking support on the $90 level.
Alternatively, assuming the AAVE price slips below the 200-day EMA, it may melt to the major support level of $80. If the price fails to defend the $80 hurdle, profit booking on a larger scale can be seen.
Based on the technical indicators, the RSI generated a golden crossover with the RSI-based moving average. It was at 57 and heading for the overbought zone at the time of writing.
Big Hindrance for AAVE Crypto Price is $110 Mark?
A source on X claimed that the AAVE price has been getting many pushes and small bounces. However, it has failed to exceed the $110 mark.
If the buyers manage to lift the price over the $110 mark, strong buying pressure can be initiated.
$AAVE is one of the few pushing a small bounce…not interested until it recovers the $110 level: pic.twitter.com/jayRajZgmF
— Crypto Rand (@crypto_rand) July 25, 2024
Could AAVE Price Extend to $150 Mark Soon?
The AAVE crypto price has shown significant positive momentum with a breakout and retest, indicating a potential upward movement. The price has defended key support levels and showed signs of gaining buying momentum.
However, there are potential hurdles around the $110 mark. Overall, the technical indicators and recent price movements suggest a bullish outlook, but it’s important to stay vigilant and adapt to market conditions.
Technical Levels
The immediate support for AAVE crypto price is $80.00 and $50.00 levels. The bullish trend in AAVE price is expected to halt near the $110 and $130 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.
