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Aave price analysis: is it a good time to long aave? price up by 40% over last week

Aave price analysis: is it a good time to long aave? price up by 40% over last week

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Rated:107

AAVE price has held fairly well over the last few months compared to other DeFi coins in its class. AAVE offers a very useful technology to the crypto space and more importantly an effective decentralized finance product. This technology put simply; lending and borrowing of crypto along with interest gained by being a lender. This technology really has taken off the last year as AAVE had one of the highest percentage gain bull runs throughout the last year. It seems that AAVE price is setting itself up for another strong bull trend.

Over the last couple months, prices have been consolidating hard awaiting the next move from the market. There is a large pennant formation that can be seen using the two trend lines on the chart. Just over the past few days, bulls have succeeded in a bullish breakout as prices are now attempting to confirm this trend as support.

Along with this trend lies a very important resistance zone from $297-$322. Bulls must fully break & hold this zone for AAVE to be in position to hit the two targets shown.

AAVE Price Analysis: AAVE/USDT 4 Hour Chart

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If bears step in with vengeance, AAVE price will likely drop below the top trend of this pennant and fall back to minor support of $268. At the time of writing, AAVE is trading above its 400MA. Breaking below this mark will likely confirm a slight bear trend will take place.

If support of $268 fails to hold, AAVE will likely drop down to its major support of $247. Anything below this mark will be a very bearish scenario.

RSI: While looking at the RSI, we can see strength had a rally to the overbought territory. Since then, strength has been slowly consolidating back down. The RSI must stay over the 50 value to continue in a bullish trend.
MACD: The MACD is signaling a slight bearish bias as it seems to be heading back to the 0 line. If the MACD breaks back into bearish territory, it’s possible AAVE price revisits the lower supports that are shown.

AAVE Price Intraday levels

Spot rate: $296
Trend: Neutral
Volatility: Medium
Support: $268
Resistance: $297

Disclaimer

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.

About Author

Domenic CoinGape

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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