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Aave Price Prediction: Will AAVE Crypto Sustain at $70 Mark?

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Aave Price Prediction: Will AAVE Crypto Sustain at $70 Mark?
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Aave price prediction highlights the challenges facing AAVE crypto as it attempts to recover. If it manages to sustain this recovery, it could reach the $70 mark. However, the current price level represents a significant resistance point that must be maintained for the recovery to continue. It’s worth noting that sellers are actively increasing their positions, putting downward pressure on AAVE. Nevertheless, if AAVE can stay above the 20-day EMA, it may be able to sustain its recovery on the daily chart.

Aave cryptocurrency started its upward movement from the $54.30 level, and its potential for maximum recovery hinges on maintaining its current position, which serves as the primary resistance level. For AAVE to make further gains, it relies on active buyer participation to drive its value upwards from this critical resistance point.

Aave price stood at $60.73, marking a 2.31% increase in its market value for the day’s trading session. However, there was a 17% decline in trading volume intraday, indicating the presence of sellers looking to exert downward pressure on AAVE. The volume-to-market cap ratio was recorded at 7.24%.

Aave Price Being Overbought, What’s Next?

Source: AAVE/USD by TradingView

Aave price prediction indicates that AAVE cryptocurrency is in a recovery phase, heading towards higher levels on the daily time frame chart. To sustain this positive momentum, AAVE needs to continue attracting buyers as sellers may enter the market during the day’s trading session. 

It’s important to note that the trading volume is currently below average, and an increase in volume intraday is necessary to support this surge. Meanwhile, AAVE crypto has recovered above 20, 50, 100 and 200-days daily moving averages. 

Over the past week, Aave price rose by 12.50%, and in the past month, it saw an 8.82% increase. Looking at the three-month time frame, AAVE cryptocurrency has gained 16.90%, but over the past six months, it was down by 23.30%. Nevertheless, in the year-to-date period, AAVE cryptocurrency has registered a 17.04% increase.

Technical indicators highlight the sustainability issues of AAVE crypto at a higher level. Relative strength index confirms that AAVE is overbought. Moving average convergence divergence shows the struggle of AAVE crypto at the current level. 

RSI was at 70 and has entered the overbought territory. The MACD line is overlapping the signal line, waiting for a crossover. Investors in Aave cryptocurrency need to wait for any directional change over the daily time frame chart.

Summary

Aave price prediction highlights the challenges facing AAVE crypto as it attempts to recover. Aave cryptocurrency has started its upward movement from the $54.30 level, and its potential for maximum recovery hinges on maintaining its current position, which serves as the primary resistance level. Technical indicators highlight the sustainability issues of AAVE crypto at a higher level. 

Technical Levels

  • Support Levels: $60.00 and $58.17
  • Resistance Levels: $61.30 and $62.90
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 or stock comes with a risk of financial loss.

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