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- AAVE token is breaking the trendline and is willing to retest previous highs.
- Bulls retained the strength gaining 10% in the last three trading sessions.
Aave token is willing to fetch 200-day EMA and is interested in outperforming. Buyers are again coming into action, attaining consecutive gains for the past three trading sessions. The narrow range consolidation pattern breakout with an upper trendline also gives strength to pursue higher marks.
However, an immediate hurdle is there (200-day EMA), which buyers are facing, resulting in an interruption for now. If the Aave token surpasses the above resistance, buyers will try to attain the previous mark of $90 soon. Moreover, above $85 is the supply zone where sellers are already sitting.
When writing, the Aave token is trading at $79 with a gain of 5%, showing an uptrend and accumulation. Moreover, the pair of AAVE/BTC is at $0.002769 satoshis. The trading volume surged by 7.55%, and the market cap also increased by 5.01%
Daily chart shows buyers attaining strength
On the daily chart, Aave token trades below the important Fib level buyers want to achieve. Recent buying action indicates buyers are willing to attain the 38.2% Fib level, which was $81. Last month, Aave token tried to sustain near 61.8% Fib level at $90 but failed to hold the range and slipped. This down move stretches the muscles of bears to push the token below $80.
Aave token was attaining a positive outlook and showed bullish on hourly charts. Meanwhile, daily charts still do not showcase bullishness because below $85 is the sellers region which again came into action to make short positions.
However, the Aave token price took support on 100-day EMA, indicating that buyers tightened their grips and did not want to lose.
Short term chart shows an aggressive bullish move
On the 4-hour chart, the Aave token broke the trendline and registered strong buying action. The token moves out of a symmetrical pattern and attains buying momentum. The RSI sharply rose towards the overbought region, and a retracement is pending, which will also drop the price. Moreover, a positive crossover of the RSI curve in the last session brought momentum to register a breakout of the consolidation range.
The MACD indicator is showing bullish with plotting green bars on the histogram. The sellers tried to break momentum last week but were beaten down in front of strong bulls.
Technical Levels:
Support Levels: $70 and $65
Resistance Levels:$85 and $90
Conclusion:
Aave token is willing to catch 200-day EMA and wants to outperform above the hurdle. The recent buying action indicated a long buildup to attain $85 for upcoming sessions.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
