AAVE Price Recovery Is Set To Target $93.5 Mark; Enter Now?
The ongoing recovery in AAVE price pierced the dynamics resistance trendline and $80 horizontal level. Thus, this breached resistance should flip into a suitable footing for buyers, leading to further recovery. An expected retest to $80 support should offer an entry opportunity to ride the potential rally.
Key points:
- Post-retest rally should drive AAVE price to the first target of $93.5
- The 100-day EMA resistance trying to stall ongoing recovery
- The intraday trading volume in AAVE is $1119.5 Million, indicating a loss of 49.5%.
Source-Tradingview
During the last two months downfall, the AAVE price action was shaped into a falling wedge pattern. Despite its downtrend phase, this bullish pattern offers an attractive long-entry opportunity for interest traders.
The altcoin respected the pattern’s level in spite of recent high volatility in the crypto space, suggesting it should meet its target in favorable conditions. Thus, on October 16th, the AAVE price gave a decisive breakout from the pattern’s resistance trendline.
As a result, the coin rose for four consecutive days and registered a 16.5% price jump. Moreover, the gradual rise in volume action validates it as a genuine recovery rally. The altcoin currently trades at the $83.9 mark and has recently breached the $80 psychological resistance.
However, the daily candle shows a long wick price rejection, indicating the prices are likely to revert lower. Thus, the AAVE price could retest to the $80 mark as potential support before resuming the bullish rally.
As per the technical set-up, the falling wedge pattern breakout has set the market value to the $115-$116 mark.
Technical indicator-
Vortex indicator: a steady spread between the VI+ and VI- line after a bullish crossover indicates no weakness in bullish momentum yet.
Bollinger band: the rising price hit the indicator’s upper band suggesting the buying is excessive in the short term. Thus, it is important for the AAVE price to stabilize(retest breached resistance) before it continues to rally higher.
AAVE intraday price levels
- Spot price: $83.6
- Trend: Bullish
- Volatility: Low
- Resistance level- $93.5 and $104
- Support level- $80 and $70.5
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