AAVE Price Analysis: Will Aave continue to be the flag bearer in the market?

•AAVE/USD is currently priced at $91.51 and has increased by 0.05% over the past day

•The trading volumes have increased by 10.64% over the past day

•The technical indicators suggest a positive outlook for the near term 

Short Term View: Aave Price on an upward trajectory 

Source: AAVE/USD by TradingView 

The Aave price today is $91.51 USD with a 24-hour trading volume of $155,101,870 USD. Aave is up 0.05% in the last 24 hours. The trading volumes have increased slightly over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.1203 for the altcoin.

Aave has been on an upward trail over the past few weeks as the asset has shown consistent and solid growth. Aave Price is currently transacting above the 20,50 SMA on the four-hour chart, which means that the buyers are ready for the midterm rise. If bulls can hold the Aave Price above the $95 resistance level, we could even see the altcoin nearing the all-important $100 resistance level. On the flip side, if the asset undergoes a price correction, the investors would seek solace from the $88 support level which would act as a shock absorber in the near term. 

Long Term View for Aave

Source: AAVE/USD by TradingView 

The evidence of a possible move upward is depicted by the potential hidden bullish divergence displayed by Aave price action with respect to the Relative Strength Index (RSI). The RSI is currently transacting at 52.09 which shows the increasing strength of the rally. The green histograms have shown consistent growth over the past few weeks as they have kept increasing in size on the daily chart. The MACD and signal lines are heading towards the positive territory as well, while the gap keeps on increasing between the two. 

Conclusion 

The technical indicators for Aave suggest that an upswing is likely for the altcoin, considering the current bullish structure of the cryptocurrency market. However, the asset needs a massive spike in demand pressure to propel it higher.

Support: $88-$85

Resistance: $95-$100

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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