AAVE price continues to extend gains after moving beyond the crucial support near $159.0 on Monday. The bullish formation on the daily chart suggests the continuation of the uptrend in the price. However, the bulls must gather the strength to invade a short-term trading range with an upside capped at around $180.
- AAVE Price rose for the second straight day following the upbeat weekly start.
- Investors can expect the gains toward the 200-day EMA amid sustained buying momentum.
- However, strong upside resistance is holding near $180.0, which could test the buyer’s patience.
As of writing, AAVE/USD is trading at $176.44, up 4.42% for the day. The 24-hour trading volume of the cryptocurrency is holding at $262,291,941 as updated by the CoinMarketCap.
AAVE price set for further gains
On the daily chart, the AAVE price surged 129% after testing the swing lows at $113.50 on March 14. The price has shown a considerable gain in its buying pressure since it retraced from the highs of $296.75 on December 28. The current upswing pushed AAVE’s price above the descending trend line to touch the horizontal $260 level. But, the bulls failed to sustain the gains and retraced toward the slope line.
Now, the price consolidates near crucial horizontal support of $159.11, a sustained buying momentum could push the price higher to recapture the 200-day ema (Exponential Moving Average) at $205.71.
On the flip side, a rejection near $180.0 might continue with the predefined consolidation with the lower side planted near $159.0. A break below the mentioned level would ask investors to seek sell-side liquidity near $140.0
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Technical indicators:
RSI: The relative strength index oscillates near the average line with no clear directional bias. Currently, it reads at 47.
MACD: The moving average convergence divergence indicates receding bearish momentum while holding neat the midline.
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