AAVE Technical Analysis: Is the Bear Run Over?
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Past Performance of AAVE
From the daily chart, the coin appears to be bottoming up, building on June 19 gains, a relief for optimistic traders. AAVE crypto prices are printing higher at spot rates, adding 21 percent against the USDT. The token is also up 13 percent during this period versus the BTC and ETH.
AAVE Technical Analysis
Buyers are back in the equation following an 82 percent dump from April 2022 highs. Even though the AAVE token is within a bear breakout formation and below the $70 reaction level, buyers are confident. There are chances that the current bounce could be a dead cat bounce. However, aggressive traders may load the dips with targets at $70. Further gains may see the coin race above the middle BB and $120. Conversely, losses below $45, last week's low, may dash bulls' hope, paving the way for sellers to print new 2022 lows.
What to Expect from AAVE?
The recovery from last week's lows is with decent volumes, suggesting high participation levels and, thus, confidence. The $45 level may anchor the next leg up. However, this is mainly dependent on the reaction at $70.