Aave has given a breakout and is a good option for a short term trade.
Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target
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Aave Crypto Price Analysis
- Current Price: $104.75
- Market Cap: $1.5 billion
- 24-Hour Trading Volume: $275.2 million
- Total Supply: 16 million AAVE
- Circulating Supply: 14 million AAVE
Price is in an Uptrend. Price made a Higher High (above prior swing high) and a Higher Low (above prior downswing low of $71).
Series of Higher Highs and Higher Lows are indicative of an Uptrend. Price broke above $105 resistance and 200-day moving average (~$100) to signal resumption of uptrend with +15% upside potential to $120. Stop Loss at $96.
Weekly Price Analysis
- 7-Day Change: 22%
- Week Open Price: $115.00
- Current Price: $104.75
- Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Down.
- Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $90.00, then $80.00. Nearest Resistance Zone is $118.00.
News Roundup
- Aave experienced a significant decline in price this week, dropping by over 21% after reaching a resistance level of $115, which triggered a market pullback.
- Despite the market downturn, Aave generated $2.1 million in daily revenue through liquidation fees.
Indicators
- RSI (Relative Strength Index): 40 (Indicating a bearish trend)
- MACD (Moving Average Convergence Divergence): Bearish crossover
- Bollinger Bands: AAVE is trading near the lower band.
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