For more than six months, the AAVE token price has been resonating between the $450 and $160 mark, indicating a sideways rally. Its recent recovery from the latter half of December 2021 surged 75% to the $280 resistance. However, the major technical acting as resistance could dumb the price back to $160 support.
Past Performance in AAVE token chart
In September 2021, the token initiated a retracement phase from the $420 resistance zone, aiming for the bottom support near $160. A descending trendline leads this short-term downtrend by acting as a dynamic resistance level.
On December 15th, the pair plunged to the $160 support, indicating a 64% loss from the top resistance of the range. The token experience intense demand pressure from this support resulted in a quick recovery to the $280 mark.
AAVE Token Displays A Rounding Bottom Pattern.
The AAVE token price is currently struggling to overcome the $280 mark. A confluence of the resistance trendline and 200 EMA indicate this level as a strong area of interest that would require a significant amount of buying pressure to make a breakout. However, the technical chart shows several higher price rejection candles at this resistance, suggesting another possible bearish reversal.
On a contrary note, the 4-hour time frame chart shows the formation of a cup and handle pattern. This pattern could help the price breach the descending trendline, providing an excellent long signal that could climb to the $446 mark.
By the press time, the AAVE token is trading at $278.5, with an intraday gain of 3.51%. The 24hr volume change is $540.7 Million, indicating an 86.5% hike. According to Coinmarketcap, the token stands at 46th rank with its current market cap of $3.69 Billion(+5.78).
-The daily Relative Strength Index(60) shows impressive recovery in its chart, crossing above the neutral line and 20-SMA.
– The sideways trend in the AAVE token has flattened the crucial (100 and 200 EMA). Moreover, the price is still trading below the 200 EMA, indicating a bearish trend for this token. However, the recent rally has filled the dynamic resistance into possible support.
-The traditional pivot shows remarkable confluence with the daily AAVE/USD chart level. According to these pivot levels, the crypto traders can expect the nearest resistance at $298, followed by $330. As for the opposite end, the support levels are $265 and $230.
- Terra LUNA 2.0 Price Falls By Over 60% Hours After Airdrop
- What Is Terra LUNA 2.0, Here’s All You Need To Know
- Whales Accumulating These DeFi Tokens Amid Price Crash
- This Analyst Predicts A Bitcoin Bottom Before Bullish Momentum
- Terra Team Officially Activates Terra 2.0 Pheonix-1 mainnet, Here Are the Details
- Tron’s TRX Burn Total Exceeds 7.7 Billion
- Tron Stablecoin Reaches Key Milestone Amid Bearish Trends
- Binance Italy Gets Govt Nod, Global Expansion Goes On
- Just In: Russia Inches Closer To Crypto Adoption With Latest Move
- Ethereum Classic (ETC) Soars 9% As ETH Crashes, Here’s Why
- CRV Price Analysis: Dual Trendline Limits The CRV Bull Run
- DOT Price Analysis: Uncertainty Over DOT Price May End With Trendline Breakout
- ERON Price Analysis: Emerging Bullish Pattern Foretells 65% Rise In ERON
- AAVE Price Analysis : $95 Breakdown Rease 25% Fall In AAVE Price
- Sandbox Price Analysis: High Volume Breakout Aims SAND To Hit $2.6
- MATIC Price Analysis: Bullish Influence Grows on Consolidation
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?