AAVE Consolidates as Traders Await Probable Breakout
AAVE has remained within a narrow trading range of $54 to $60 in the previous 3 weeks, creating a coiled pattern that suggests a probable breakout. As of now currently worth $56.51, AAVE is slightly over the 20-day EMA at $57.13, which has acted as a strong resistance level.
The 50-day EMA at $60.69 and the 100-day EMA at $63.54 indicate longer-term resistance levels. The RSI has seen a slight improvement in buying pressure, but remains below the 50 midpoint, indicating caution. The MACD histogram shows a subtle increase, suggesting that bulls could be gaining control.
To confirm a positive trend trend reversal, AAVE needs to break over the 20-day EMA and surpass stronger horizontal resistance levels between $58.28 and $59.82. On the downside, support lies between $53.70 and $54.53.
Hot Take
Despite the fact that there are early indications of bullishness, the overall technical outlook for AAVE remains bearish. Traders should closely monitor support and resistance levels and adjust their strategies accordingly as AAVE’s price action unfolds.
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