Price Analysis

Bullish RSI Divergence Hints At Upcoming Recovery In AAVE Price

The AAVE coin price preparing a potential upswing after the completion of falling wedge pattern; when should you enter?
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Bullish RSI Divergence Hints At Upcoming Recovery In AAVE Price 

Despite recent volatility in the crypto market, the AAVE price continues to follow the falling wedge pattern. However, the altcoin is quite near the peak of this bullish pattern, indicating that the prices will soon offer a breakout opportunity. Thus, the trendline breakout will hint that the prior sentiment of selling on rallies has been shifted to buying on dips.

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Key points:

  • The wedge pattern breakout will set AAVE price recovery for a 55% rise.
  • An evident bullish divergence in daily RSI slope bolsters the pattern completion
  • The intraday trading volume in AAVE is $134.3 Million, indicating a 15% gain

Source- Tradingview

The AAVE technical chart shows a textbook example of a falling wedge pattern. The altcoin has been falling within two converging trendlines over the past two months and has registered a 38.8% loss from the $116 swing high.

In theory, even though this pattern leads prices in a downward correction, the coin price eventually witnessed a strong surge in inflow upon the breakout of the resistance trendline. Amid the uncertain market sentiment, the AAVE price spread has narrowed enough to be considered a no-trading zone.

Today, the altcoin showcased a 3% jump and currently trades at the $74.1% mark, the strong bullish retest of the overhead trendline with breakout intention. A potential breakout from this trendline will signal that the coin buyers are ready to wrest trend control.

A long entry opportunity will offer a potential upswing to the $116 mark if the price sustains the trendline breakout.

However, until the prices remain within this pattern, the coin holders could witness a longer downfall. 

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Technical indicator

Relative Strength Index: Contrary to the falling price, the daily-RSI slope rising higher bolsters the bullish theory. Moreover, a possible jump above the midline of 50% will accelerate the potential recovery.

EMAs: the downsloping EMAs accentuate a well-established downtrend in AAVE price. Moreover, these EMAs will act as additional barriers against buyers for possible recovery.

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AAVE coin intraday price levels

  • Spot price: $74
  • Trend: Bullish
  • Volatility: Medium
  • Resistance: $74.4, $94.4
  • Support levels: $70.5 and $63.4
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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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