The price of Aave (AAVE) has been experiencing a recovery rally following a 35% slump in mid-July. The token is currently up 20% and has found support at the $51.90 level. Interestingly, the current outlook for AAVE is similar to what happened between April and July, where the token fell 40% before recovering by 60%. This suggests that AAVE could potentially test the $80.00 level once again, marking a 30% increase from its current levels.
Analyzing Aave Price Action
From a technical perspective, the Aave price is currently at $63.61, showing a 3% increase in the last day and a 20% increase in the last nine days. The token is currently on a recovery rally that could potentially lead to a strong uptrend if it manages to break and close above the $80.00 level. However, the price is currently facing resistance from the 200-day and 50-day Exponential Moving Averages (EMA), which are acting as strong supply zones. The 100-day EMA has flipped into a support level. Breaking above the 200-day EMA at $66.43 would clear the path for AAVE to reach the zone above $70.00.
Bullish Indicators for Aave
Despite the resistance from moving averages, AAVE remains bullish with supportive technical indicators. The Awesome Oscillator shows a positive trend with sustained green histogram bars. The Relative Strength Index (RSI) indicates that bulls may be taking a breather before making their next move north. This pattern has occurred before and should not be disregarded.
Invalidation of Bullish Outlook
If Aave’s price breaks and closes below the $51.90 support level, it would invalidate the current bullish outlook. The confirmation level to watch for would be the $47.00 low. Conservative longs may set their stop losses around the $51.90 level, which marks the bottom of the last lower high. It’s also important to consider the RSI crossing below 70, as it confirms an overbought asset according to Welles Wilder’s interpretation.
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Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.