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- AAVE coin has started to make higher highs in April and reaches the 52 week high.
- Aave supported by 50 EMA and 0.5 Fibonacci level sustained the $320 level.
- The price is currently near $390 and starting to up move to create a new higher high possibly
AAVE COIN
AAVE coin after completing its pullback and taking support near 0.5 Fibonacci level, i.e., $320, twice. The price has started an uptrend to create subsequent higher highs and might cross the 52 weeks high of $524. The price is slightly above 50 EMA (yellow), which in turn is above the 200 EMA (white) in the daily timeframe, implying an uptrend still intact. The RSI in the daily timeframe is in the neutral range, but the downward slope might end with a spike as the price increases. The market capitalization of the AAVE COIN is $4,913,541,059 (+2.93%) and the 24hour volume of the coin is $612,764,259 (-18.80%).
AAVE is currently in consolidation and has been moving in a range between $300 to $550. A strong support and resistance zone is present near the mentioned levels. The price could give a breakout soon, as indicated by the momentum gain in the ADX indicator. A move of 15-25% could be expected as the consolidation range has been intact for almost two months.
The price is slightly above 50 EMA (yellow) in the 4-hour timeframe as well. The Golden crossover is observed twice in this consolidation range, but the ineffectiveness of this crossover might shadow the third crossover seen in recent hours.
The RSI in the 4-hour timeframe has seen a sudden spike after getting close to the oversold region, indicating a price upsurge.
Conclusion
The consolidation range might continue longer, but if the indication by ADX and RSI prove correct this time, then break out of this range could be the possible entry point to join the new trend.
Support – zone near $300
Resistance- zone near $550
