This Price Level Remains Crucial For AAVE As It Surpasses $70
29 Março 2023 - 2:00PM
NEWSBTC
Aave has been on a downtrend over the past week, causing the coin
to slip below $70. However, as the broader market strengthened,
Aave rose on its chart and breached the $70 level. In the last 24
hours, the altcoin appreciated by over 4%. Despite this northbound
price movement, the altcoin has not yet secured its position.
Technical indicators have shown bullish movement on the one-day
chart, but buyers have not yet taken charge of the price. Demand
has shown a positive change, as has accumulation. There are two
important levels for Aave that will determine the direction of the
altcoin in subsequent trading sessions. If the altcoin manages to
break past its overhead price ceiling, it could potentially target
the $80 zone, although this seems unlikely at this point. Related
Reading: Arbitrum, Optimism, And Polygon: Which Is The Ultimate
Ethereum L2? For other major altcoins to exhibit similar price
behavior on their charts, Bitcoin must consistently trade above the
$29,000 price mark. Buyers are likely to re-enter the market once
Aave breaches the immediate resistance. Aave Price Analysis:
One-Day Chart Aave was trading at $72.80 at the time of writing.
The recent recovery happened as Bitcoin rose on its chart. The
immediate price resistance point for Aave was $74, this level has
previously acted as a resistance level as well as support for the
altcoin. Failing to breach $74 will drag Aave below $70. The
important support line for the altcoin was at $68. A fall from $68
would mean Aave would quickly decline to $66. But the amount of
Aave traded in the last session noted a positive change reflecting
an increase in demand. Technical Analysis There were signs of
attempted recovery in buying strength, as demand showed signs of
entering the positive zone. The Relative Strength Index moved up
and was near the half-line, indicating that there were more buyers
compared to the previous session. However, buying strength still
remained lower than selling strength, despite the uptick in the
indicator. The price of Aave was attempting to cross over the
20-Simple Moving Average line, and with another push from buyers,
it could surpass this line. Nonetheless, sellers still appeared to
be driving the price momentum in the market at present. In order
for buyers to take control of the market, Aave needs to move above
$74. The Moving Average Convergence Divergence (MACD) is an
indicator that shows the price momentum and shifts in the price
trend. Related Reading: Bitcoin Price Reclaims $28,000 Territory
Amid Mounting Market Pressures Currently, the MACD is displaying
red bars tied to sell signals for the coin. However, these signals
are declining in size. The Bollinger Bands measure price volatility
and fluctuation, and the indicator is currently wide and parallel.
This reading suggests that the chance of price volatility cannot be
ruled out. Featured Image From UnSplash, Charts From
TradingView.com
Aave Token (COIN:AAVEUSD)
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