Will AAVE Reach $75 Mark in this Pattern?
Aave price prediction suggests a potential recovery for AAVE cryptocurrency, characterized by an intriguing pattern of upward movement on the daily chart. AAVE price has been in an ascending parallel channel on the daily time frame chart. Currently, buyers are actively participating in the market to drive AAVE price towards the upper boundary of this channel. However, it’s important for buyers to increase their accumulation rate in order to facilitate a breakout for AAVE cryptocurrency.
Aave price was at $67.75, and it experienced a gain of 1.11% in its market capitalization intraday. However, it’s important to note that the trading volume fell by 9% during the intraday trading session. This suggests that there are still sellers active in the market, potentially putting downward pressure on AAVE price. The volume to market cap ratio was at 9.38%, highlighting the level of trading activity relative to AAVE’s market capitalization.
Analyzing Aave Price Technical Indications
Aave price prediction suggests that AAVE is in a recovery phase within an ascending parallel channel pattern on daily time frame chart. Although AAVE attempted to break out of this rising pattern, sellers managed to push its price down. However, it’s worth noting that volume change is currently below average and should ideally increase during intraday trading sessions to support a potential breakout.
Additionally, AAVE cryptocurrency has successfully recovered and is now trading above its 20, 50, 100, and 200-days daily moving averages. This is a positive development in AAVE’s price trend, suggesting further recovery towards the $75 mark.
AAVE price has displayed mixed performance across different time frames. In the past week, it exhibited a significant increase of approximately 2.83%. Over the course of the last month, AAVE shows a substantial uptrend, recording a gain of 21.90%.
However, when extending the time frame beyond one month, AAVE experienced a decline of approximately 9.60% over the past three months, and this decline extended to 11.40% over the last six months. Nonetheless, when considering the year-to-date performance, AAVE price has demonstrated a notable gain of 30.35%. These fluctuations highlight the varying trends in AAVE price over different time periods, indicating the dynamic nature of its market performance.
Technical indicators on the AAVE cryptocurrency chart are signaling an uptrend. Relative strength index (RSI) is confirming the upward momentum of AAVE crypto.
With the RSI at 59, it suggests that AAVE is approaching the overbought territory. This implies that investors in Aave cryptocurrency may want to exercise caution and consider waiting for AAVE’s price to reach the upper trendline of the ascending parallel channel before making significant decisions.
Summary
Aave price prediction suggests a potential recovery for AAVE cryptocurrency, characterized by an intriguing pattern of upward movement on the daily chart. Currently, buyers are actively participating in the market to drive AAVE’s price towards the upper boundary of this channel. Nonetheless, when considering the year-to-date performance, AAVE price has demonstrated a notable gain of 30.35%.
Technical Levels
Support Levels: $65.75 and $64.40
Resistance Levels: $69.40 and $72.45
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
