AAVE Price Analysis: Price Up by 40% over last Week – Is It a Good Time to Long AAVE?

AAVE Price Analysis
AAVE Price Analysis

AAVE Price Analysis: Price Up by 40% over last Week – Is It a Good Time to Long AAVE? – AAVE price has held fairly well over the last few months compared to other DeFi coins in its class. AAVE offers a very useful technology to the crypto space and more importantly an effective decentralized finance product.

This technology put simply; lending and borrowing of crypto along with interest gained by being a lender. This technology really has taken off the last year as AAVE had one of the highest percentage gain bull runs throughout the last year. It seems that AAVE price is setting itself up for another strong bull trend.

Over the last couple months, prices have been consolidating hard awaiting the next move from the market. There is a large pennant formation that can be seen using the two trend lines on the chart. Just over the past few days, bulls have succeeded in a bullish breakout as prices are now attempting to confirm this trend as support.

Along with this trend lies a very important resistance zone from $297-$322.  Bulls must fully break & hold this zone for AAVE to be in position to hit the two targets shown.

AAVE Price Analysis: AAVE/USDT 4 Hour Chart

Is It a Good Time to Long AAVE
Is It a Good Time to Long AAVE

If bears step in with vengeance, AAVE price will likely drop below the top trend of this pennant and fall back to minor support of $268. At the time of writing, AAVE is trading above its 400MA. Breaking below this mark will likely confirm a slight bear trend will take place.

If support of $268 fails to hold, AAVE will likely drop down to its major support of $247. Anything below this mark will be a very bearish scenario.

  • RSI: While looking at the RSI, we can see strength had a rally to the overbought territory. Since then, strength has been slowly consolidating back down. The RSI must stay over the 50 value to continue in a bullish trend.
  • MACD: The MACD is signaling a slight bearish bias as it seems to be heading back to the 0 line. If the MACD breaks back into bearish territory, it’s possible AAVE price revisits the lower supports that are shown.

AAVE Price Intraday levels

  • Spot rate: $296
  • Trend: Neutral
  • Volatility: Medium
  • Support: $268
  • Resistance: $297
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Cynthia Charles 1207 Articles
She is a prolific writer and has special interest on writing about business and opportunities. She can be contacted via [email protected]

Be the first to comment

Leave a Reply

Your email address will not be published.