NewsletterWhat’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.
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