2022-08-12 06:55:58

AAVE Technical Analysis: Rising Channel Trend Ready To Cross $115

The AAVE prices maintain an uptrend in a rising channel challenging the overhead resistance zone at $115. Will buyers exceed this supply zone? Key Technical Points: The market price increased by almost 42% in the last three weeks, reaching the $115 supply zone. The bullish turnaround in the 50-day SMA prepares a crossover with the 100-day SMA. With a market cap of $1.54 billion, the intraday trading volume of AAVE has decreased by 36% over the last 24 hours to reach $311 million. Past Performance of AAVE AAVE’s price trend over the last month has risen higher in a parallel channel pattern in the daily chart. The bull run accounts for a 95% jump since last month, cracking the 50 and 100-day SMAs and the psychological mark of $100. The price action presently shows a power struggle at the $115 mark, with a sentimental incline towards the bullish breakout. Source – Tradingview AAVE Technical Analysis The AAVE technical chart shows a spike in the intraday trading volume supporting the bullish team, projecting a high breakout possibility. However, price action confirmation is crucial for traders to avoid a bearish reversal. The daily-RSI slope spikes above the 14-SMA line, indicating the traders share a positive outlook. However, the lines closing to the overbought region could propel a minor correction. Moreover, the MACD indicator displays multiple crossovers reflecting the recent uncertainty in the price trend. In summary, the AA...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.