Published July 28, 2022
The ongoing recovery in the AAVE/USDT pair was initiated on June 19th, when the price bounded back from a low of $46. The following run-up doubled the altcoin’s market value as it hit the $100 mark. Furthermore, the coin price has witnessed an occasional pullback over the past two weeks, attracting more sideline buyers to replenish the bullish momentum.
Key points:
- The AAVE price bounced from $80 flipped support with a morning star candle
- The $100 breakout opens a 12.3% growth opportunity for holders
- The intraday trading volume in AAVE/USD is $304.3 million, indicating a 103% gain
source trading view
During July’s third week, the AAVE chart displayed several higher price rejection candles at $100 resistance indicating the exhausted bullish momentum. Amid last week’s sell-off in the crypto market, the coin price witnessed a 16.5% correction which retested the recently breached $80 mark.
However, on 27th, the crypto market saw a sudden boost in buying pressure as the US Fed announced a hike of 75 basis points. The AAVE price reacted to this news with a 16.6% jump as it reclaims the correction loss.
Furthermore, the coin buyers carry the same sentiment today and have raised 0.63%. With sustained buying, the AAVE price would attempt to break above the $100 psychological resistance, offering another breakout opportunity for traders.
A daily candlestick closing above the $100 mark would offer a suitable footing for buyers to extend the recovery.
The potential run-up would surge 12.23% higher to hit its first target at 112.4, followed by $124.3.
Conversely, if AAVE prices revert from the $100 resistance, the following retracement will likely plunge below the $80 mark.
Technical indicator
RSI indicator: despite a correction, the daily-RSI slope sustain above the equilibrium reflects the holders feeling positive above the coin.
EMAs: A recent bullish crossover between the 20-and-50 day EMA bolsters the ongoing recovery. However, the 100-day EMA situated at $100 resistance puts additional selling pressure on traders.
- Resistance levels: $100 and $112
- Support levels: $82 and $67
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
closed story
Comments are closed.