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Vikram
Jul 28, 2022
by Vikram

AAVE Technical Analysis: Is AAVE Ready To Cross Above $100?

AAVE $100

Table of contents

  1. AAVE Technical Analysis
  2. Upcoming Trend
AAVE Ready To Cross Above $100: The AAVE price action showcases a bullish reversal gaining trend momentum and preparing the cross above the psychological mark of $100. 

Key Technical Points:

  • The AAVE prices jumped by 14% in the last 24 hours.

  • The price action showcases a rising channel pattern in the daily chart

  • The 24-hour trading volume of AAVE is $319 million, indicating a drop of 108%.

    • Past Performance of AAVE

    As teased in our previous article, the AAVE prices gave a bullish breakout of the "Cup and Handle" pattern in the daily chart to beat the 50-day SMA. The breakout rally challenges the 100-SMA and forms a rising channel pattern. Additionally, the bull run accounts for a 76 percent jump in the market value over the last month.

    TradingView Chart

    Source - Tradingview

    AAVE Technical Analysis

    The recent reversal from the support trendline propels the AAVE market value by 14 percent overnight. The price jump comes with the improvement in the overall market sentiments and with Bitcoin rising above the $23K mark.

    Currently, the market price resonates within the 100 and 50-day SMAs, projecting a consolidation range within the rising channel pattern. However, the recent rejection from the 100-day SMA warns of a bearish continuation to reach the support trendline.

    The Bearish divergence within the RSI slope at the last two encounters at the 100-Day SMA project a possibility of downtrend continuation. Moreover, the MACD and signal lines struggle to recover the positive alignment after the recent bearish crossover.

    In a nutshell, the technical indicators oppose the bullish trend continuation within the rising channel pattern. Furthermore, the AAVE technical analysis requests the traders to wait for a daily candle closing above the 100 Day SMA before taking a bullish trade.

    Upcoming Trend

    If the daily candle manages to close above the 100-day average line, the AAVE prices will skyrocket to reach the resistance trendline at $115.

    Conversely, a reversal from the 100-day SMA will result in a downtrend to the $80 mark.

    Resistance Levels: $115 and $125

    Support Levels: $80 and $76

     

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    AAVE Technical Analysis: Is AAVE Ready To Cross Above $100?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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