AAVE Price Looks For 17% Gains; Are You Buying?

AAVE price continues to extend gains after moving beyond the crucial support near $159.0 on Monday. The bullish formation on the daily chart suggests the continuation of the uptrend in the price. However, the bulls must gather the strength to invade a short-term trading range with an upside capped at around $180.

AAVE Price rose for the second straight day following the upbeat weekly start.
Investors can expect the gains toward the 200-day EMA amid sustained buying momentum.
However, strong upside resistance is holding near $180.0, which could test the buyer’s patience.

As of writing, AAVE/USD is trading at $176.44, up 4.42% for the day. The 24-hour trading volume of the cryptocurrency is holding at $262,291,941 as updated by the CoinMarketCap.

AAVE price set for further gains

On the daily chart, the AAVE price surged 129% after testing the swing lows at $113.50 on March 14. The price has shown a considerable gain in its buying pressure since it retraced from the highs of $296.75 on December 28. The current upswing pushed AAVE’s price above the descending trend line to touch the horizontal $260 level. But, the bulls failed to sustain the gains and retraced toward the slope line.

Now, the price consolidates near crucial horizontal support of $159.11, a sustained buying momentum could push the price higher to recapture the 200-day ema (Exponential Moving Average) at $205.71.

On the flip side, a rejection near $180.0 might continue with the predefined consolidation with the lower side planted near $159.0. A break below the mentioned level would ask investors to seek sell-side liquidity near $140.0

Technical indicators:

RSI: The relative strength index oscillates near the average line with no clear directional bias. Currently, it reads at 47.

MACD: The moving average convergence divergence indicates receding bearish momentum while holding neat the midline.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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.