NewsletterAave Price Analysis: $76.6 Breakout May Drive AAVE by 23%
The AAVE price takes a bullish turnaround from the bottom support level at the dollar $46 mark resulting in a rounding bottom reversal. Over the last week, the $40 percent growth completes the rounding bottom and results in a bullish breakout of the falling wedge pattern. Will this breakout rally surpass the overhead resistance at the $75 dollars mark to reach the dollar $92.5 milestone?
Key points:
- The AAVE price rally has surged 40% since last week
- The $76.6 breakout push the AAVE price 47% higher to the $ 9 mark
- The intraday trading volume in AAVE/USD is $134.3 Million, indicating a 15% gain
Source- Tradingview
On July 4th, the AAVE/USDT pair gave a bullish breakout from a three-month-old falling wedge pattern, signaling a potential recovery. The post-retest rally showcased aggressive buying and appreciated the altcoin by 25%.
The four consecutive green candles with increased volume activity reflected a high momentum rally, which pushed the AAVE price to $75.6. This resistance has prevented buyers from climbing higher over the last three weeks.
Furthermore, today, the AAVE price is 5.73% up and teases a bullish breakout from the mentioned resistance. as a aresult, If the coin price breached and showed sustainability above the $75.6 mark, the buyers may obtain this higher foothold and continue the bullish rally.
However, If the supply pressure at this resistance persists and the AAVE price gives a candle closing below the $75.6 mark, the traders may witness another pullback.
Technical indicator
The DMI lines maintain a positive alignment after the recent crossover event, and the ADX line shows a bullish turnaround indicating an increase in the underlying momentum. Therefore the technical indicator maintains a bullish bias and forecasts a prolonged uptrend.
The reversal rally exceeds the 20 days EMA and prepares an attempt to surpass the 50 days EMA. The sudden bullish turnaround influences a bullisNess and 20-day EMA resulting in an upside reversal.
- Resistance levels: $92.8 and $108
- Support levels: $75 and $54.8
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