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- AAVE token resonates inside a symmetrical triangle in the 4-hour timeframe.
- The coin price trades below all significant EMA in the 4-hour timeframe.
- The pair of AAVE/BTC is trading at 0.009566 BTC with an intraday move of +6.79%.
AAVE token price started to fall after facing rejection from the heights of $630. The coin price found support near $290 before rising higher again. The crypto asset has made a symmetrical triangle in the 4-hour triangle. AAVE coin price struggles to rise above the 50 EMA in the same timeframe. It is trading at $357.1 with an intraday growth of 12.38%. The current ranking of the coin is #28, with a live market cap of $4,583,712,611.
AAVE Token Supported with the 200 EMA Halts The Downtrend.
In the daily timeframe, AAVE token price has started forming the double bottom with the support of the 200 EMA. The slight increase in the intraday trading volume along with the price boost projects the growth of bulls. Breakout of the triangle might bring a big move, but the direction is undecided yet. As per the pivot points, $250 is the immediate support level, whereas $412 and $500 provide the resistance. Investors might want to wait and observe the effect of the double bottom pattern formed in the daily timeframe.
The coin price is getting constant support from the 200 EMA daily but fails to rise above the 50 EMA. A bearish crossover of 50 and 100 EMA is plausible as the EMAs slope down even further.
The RSI (bearish) indicates bearish momentum in the 4-hour timeframe while trading at 55. The RSI line is dipped and heading lower. Bearishness can be expected from RSI until it reaches near 40.
Conclusion- Breakout of the symmetrical triangle might be a better entry point for investors rather than jumping before the fruition. However, even after the upside breakout, the price may find the opposition sooner than expected.
Support – $250
Resistance – $412 and $500.
