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- 1 The Aave crypto is delivering gains after breaking out of the inverted head and shoulders pattern.
- 2 AAVE crypto currently trades at $105.6, adding 2.95% on Tuesday.
Aave crypto gained traction and advanced towards the $105 level in the second half of the day on Tuesday. The price extended its journey to the higher levels on the second consecutive day.
The bears attempted to lower the price in the 1st half today however, the bulls made a comeback from the previous day’s low and trimmed off the intraday losses to rise towards the higher levels.
At the time of writing, the AAVE crypto was hovering near $105.6, recording a positive gain of 2.9% intraday. Market capitalization stood at $1.55 Billion and ranks 58th in the overall crypto market.
Moreover, AAVE crypto has received $161.96 Million in volume in the past 24 hours which is 45% more as compared to the previous day. The rise in price is supported by the significant amount of rise in the volume.
The current circulating supply is 14.74 Million AAVE tokens against a total supply of 16 Million tokens. It has a fully diluted market capitalization of Aave is $1.68 Billion.
Is Aave Crypto All Set to Conquer $120 Mark?
The short term trend outlook is positive after breaking out from an inverted head and shoulders pattern. The breakout of the neckline of the head and shoulders pattern validated the termination of a short term correction phase.
Earlier, the AAVE crypto price suffered rejection from the $120 level and reversed its course to loom towards the $80 level, highlighting a correction. The crypto price slumped, breaking below the 20 and 50-Day EMAs.
However, the price fall stopped near the dynamic support of 200 Day EMA and surged higher indicating the termination of a correction phase. Moreover, an inverted head and shoulders pattern was observed on the daily chart.
Currently, the aave price has made a breakout and is rising towards the north forming higher lows.
Aave Price Technical Analysis
The technical indicators imply a short-term and long-term positive outlook as the price surpassed the 20, 50 and 200-Day EMAs.
At the time of writing, the RSI line was placed at 68.93 points and that of the SMA line was placed at 58.13 points. Both the RSI line and SMA line were placed above the mean line suggesting a bullish outlook in the short term.
Aave Crypto Prediction February 2024
The price prediction of Aave crypto for February month shows that the AAVE crypto may continue to rise higher until the buyers keep on adding. On the higher side, $110 and $115 are the hurdles which the buyers need to surpass in order to reach $120.
Aave Price Prediction 2024
The price forecast for the year 2024 highlights that the AAVE token price could reach a high of $170.8, suggesting a potential gain of over 63.94%. Moreover, the bearish outlook of the analysts hopes the price could reach $140.6 by the year-end.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
