Sign Up on MEXCWhat’s Ahead For AAVE Price After 60% Rally in Three Weeks?
Amid the recent recovery in the crypto market, the Defi Tokens recorded significant growth. As a result, the associated tokens like AAVE showcased a massive upswing and restored recovery sentiment among traders. From the June 15th low of $49, the AAVE price surged around 60% to reach the $80 barrier. Will this recovery head further or its time for retracement?
AAVE Price Daily Chart:
- The AAVE price shows the formation a descending triangle pattern in the weekly time frame chart
- After an aggressive rally, this coin is poised for minor correction to replenish bullish momentum.
- The intraday trading volume in AAVE is $117.8 Million, indicating a 20.6% loss
Source- Tradingview
The fast-recovery AAVE price witnessed a major roadblock around the $80 psychological level. A look at a higher time frame as weekly, revealed this horizontal barrier is accompanied by a downsloping resistance of descending triangle pattern.
Over the past 400 days, the AAVE price has been resonating within this triangle’s key level, which is the falling trendline and $50-$48 neckline zone. In theory, this pattern is a bearish contention pattern and could prolong the prevailing trend once the sellers breach the neckline support.
By the press time, this altcoin trades at $75.53, and with an intraday loss of 3.3% to show rejection at the overhead trendline. In ideal conditions, the rejection from this triangle’s resistance trendline triggers a downfall to the neckline, indicating the AAVE price is poised for a 32% fall.
Will AAVE Price Lose $70 Mark?
With today’s red candle, the sellers initiated a fresh attack to reclaim the trend control. The low of this candle which is $71.67 stands as an important point, as it reflects the buyer’s level to counterattack. With the higher potential of bearish reversal, the sellers take out this low, they will obtain better confirmation to lead a downfall. The potential could witness strong support at $66.1, followed by $57.5, and $50.
- Average Directional index: The High value of the ADX slope reflects instability in price, and therefore a minor correction may reflect the price trend.
- Bollinger Band: the rising upper band of Bollinger Band reflects the bullish momentum is still aggressive.
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
