The Aave token price defended the demand zone of $80 and formed a double bottom pattern there. Amidst the market’s bearish structure, the token displayed strong projections and would likely revisit the round mark of $100 soon.
Traded in a downtrend, the token formed a descending triangle pattern and was still below the trendline mark of $95 at press time. Meanwhile, the buyers have attempted to sustain near the 20-day EMA mark and are trying to stretch the gains ahead.
Still, the lower low swings were noted, and the token found it challenging to cross the cluster of $90. For the past few weeks, it continued to underperform and dragged from its supply zone of $150 and underwent a correction of over 40% in the past three months.
As long as the sellers guard the round mark of $100, the token could continue consolidating near its demand zone. A short covering move can be triggered if it climbs above that mark, which might lift the token toward $120 in the next sessions.
At press time, the Aave token was trading at $87.30 with an intraday surge of 5.30%, reflecting neutrality on the chart. It has a monthly return ratio of -6.30% and 26.30% yearly, reflecting short-term consolidation.
The pair of AAVE/BTC was at 0.00149 BTC, and the market cap was $1.32 Billion at the time of writing. Analysts are neutral and suggest that the AAVE price may consolidate below the $100 mark ahead
Is the $100 Mark Still a Dream For AAVE Bulls?
The ongoing projection signifies that the AAVE token could face further consolidation and may see a dip ahead. Amidst the minute price recovery, the bears have held the grip comfortably near the cluster of $90.
The downward-sloping trendline placed near the $90 mark was the make-or-break level for the token. Besides this, a significant rebound could be seen, whereas if rejection happens, it may also retest the $80 mark.
At the bottom, a long doji candlestick was made, and the follow-on buying action was noted during the last three sessions. Apart from that, the token had defended the downside zone of $80 multiple times, conveying that the downside was capped.
@Eliz, in his tweet, mentioned that keep an eye on the AAVE token; it is cooking something big to show ahead.
Moreover, the Relative Strength Index and MACD indicators showed that the token could trigger an up move, as the convergence of the MA line with the RSI line was there, and buyers could unfold a rebound soon.
Weighted Sentiment Data Revealed a Rise
The Weighted sentiment data witnessed a sharp spike and soared over 450% to 5.76. This gigantic shift could help the bulls to cross the $100 mark soon
Likewise, the speculation was observed in the social dominance data. Its value revealed fluctuations throughout this week, implying increased investor activity on the social media platforms.
Open Interest Data Hints Long Buildup
The open interest surged over 12.29% to $48.17 Million in the past 24 hours, revealing the fresh long buildup activity.
The immediate support levels for the AAVE token are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3
All in All
The AAVE token price retested the 20-day EMA mark and was trying to overtake the cluster of $90, the primary hurdle. Once it sustains above that level, a massive upmove could lead toward the $100 mark.
