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AAVE price prints gains of more than 4% in the pre-U.S. trading session. A retracement in the U.S. dollar aided the broader recovery in the crypto market. The token hovers near the critical threshold of breaking above for further substantial gains.
- AAVE price holds gains above 4% for the third consecutive session.
- The price could end up at 20% weekly gains as the price is out of a consolidation phase.
- Major resistance is playing around $92.50.
AAVE price could continue upside move toward $100.0
A bullish reversal is expected in the coming days if the price breaks above the consolidation zone that extends from $80.50 and$94.00. Earlier AAVE’s price after falling sharply from $116.00 to the lows of $79.00, with more than 30% fall took a pause at its previous swing low.
The formation of “Double bottom” pattern near the swing lows acted as a cushion for the price. Further, the price has formed a “Rising channel”, which consists of higher highs and higher lows, implies bullishness. After falling sharply, the price moved into a consolidation zone in a rage between $80.00 to $94.00, with an upper resistance hurdle of the 50-day exponential moving average.
The price has been consolidating near its support level for the last two weeks, with declining volumes. The volumes are below the average line and falling, with the price moving sideways, implying accumulation near support. This means that big money is slowly entering a long trade while exiting short positions. If the price closes above this range, then we can expect a price to go up to its previous swing high, which is $116.00.
AAVE on the four-hour chart formed an inverted “Head & Shoulder” pattern. The neckline resistance stands at $94.00, along with the 200-day exponential moving average. If the price sustains above this given level, then we can expect a good upside move of up to its previous swing high of $116.00.
Also read: http://Breaking: Aave Stops Ethereum (ETH) Borrowing Ahead Of The Merge
The nearest support is ($85.50), whereas the most immediate resistance is around ($94.00). There is a higher probability of the price breaking its resistance on higher levels. But, if any chance price tends to come close to its support, and we’ve seen any rejection there with rising volumes, then we can buy there as well “Buy on dips” opportunity.
On the other hand, a break below the $85.5 level could invalidate the bullish outlook. And the price can move below $82.00.
AAVE is bullish on all time frames. Above $94.00 closing on the hourly time frame, we can put a trade on the buy side.
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