AAVE Price Analysis: AAVE Price Eyes 12% Jump Amid Ongoing Recovery

The ongoing recovery in the AAVE/USDT pair was initiated on June 19th, when the price bounded back from a low of $46. The following run-up doubled the altcoin’s market value as it hit the $100 mark. Furthermore, the coin price has witnessed an occasional pullback over the past two weeks, attracting more sideline buyers to replenish the bullish momentum.

Key points:

• The AAVE price bounced from $80 flipped support with a morning star candle
• The $100 breakout opens a 12.3% growth opportunity for holders
• The intraday trading volume in AAVE/USD is $304.3 Million, indicating a 103% gain

Source- Tradingview

During July’s third week, the AAVE chart displayed several higher price rejection candles at $100 resistance indicating the exhausted bullish momentum. Amid last week’s sell-off in the crypto market, the coin price witnessed a 16.5% correction which retested the recently breached $80 mark.

However, on 27th, the crypto market saw a sudden boost in buying pressure as the US Fed announced a hike of 75 basis points. The AAVE price reacted to this news with a 16.6% jump as it reclaims the correction loss. 

Furthermore, the coin buyers carry the same sentiment today and have raised 0.63%. With sustained buying, the AAVE price would attempt to break above the $100 psychological resistance, offering another breakout opportunity for traders.

A daily candlestick closing above the $100 mark would offer a suitable footing for buyers to extend the recovery.

The potential run-up would surge 12.23% higher to hit its first target at 112.4, followed by $124.3.

Conversely, if AAVE prices revert from the $100 resistance, the following retracement will likely plunge below the $80 mark.

Technical indicator

RSI indicator: despite a correction, the daily-RSI slope sustain above the equilibrium reflects the holders feeling positive above the coin.

EMAs: A recent bullish crossover between the 20-and-50 day EMA bolsters the ongoing recovery. However, the 100-day EMA situated at $100 resistance puts additional selling pressure on traders.

• Resistance levels: $100 and $112
• Support levels: $82 and $67