AAVE Price Recovered 25%; Will AAVE Crypto Strike $100 Mark?

AAVE price had shown a decent recovery from the recent swing low and prices have returned back to its previous range. AAVE crypto price formed a bullish hammer candle near its support zone and prices seems to be in the initial phase of trend reversal. The confirmation of the trend reversal will come when AAVE price is able to sustain above the 50- and 200-day EMA. Presently, AAVE crypto bulls are trying to hold the EMA to revive investor confidence.

AAVE price is trading at $78.6 with an intraday decline of -0.51%. The 24-hour volume to market cap ratio is at 0.0582. The pair of AAVE/BTC is trading at $0.002774 with an intraday decline of -1.28% which indicates minor divergence between both the pairs. From mid-January, AAVE price has been consolidating in the narrow range between $80.00 to $90.00 in the hope of upward expansion.

During the consolidation, AAVE price witnessed minor profit booking from the higher levels but the bulls succeeded in bouncing back from the lower range. On the other hand, AAVE bulls have tried multiple times to break out of the higher range but faced rejection. Therefore, $90.00 will act as an immediate hurdle for the bulls followed by next resistance at $100.00.

AAVE Price Prepares to Strike the $100 Mark ?

AAVE price slipped below the 50- and 200-day EMA when the overall market sentiment turned bearish due to the collapse of Crypto-friendly bank Silvergate. However, in mid-March, market sentiment improved and AAVE crypto price bounced back with higher momentum. Technical analysis suggests that the probability of striking $100 is high but the price will pick up momentum only above $90.00. Till then, it is expected to consolidate in a narrow range.

AAVE Crypto Technical Indicators

The MACD had generated a positive crossover indicating that prices are expected to trade with a bullish bias. The RSI at 51 denotes a neutral territory indicating strong buying and selling pressure.

Conclusion

AAVE price prediction favors the bulls and suggests a nearly 25% from the current levels. However, the probability of upward momentum will increase when AAVE crypto bulls succeed in breaking the higher range hurdle of $90.00. Technical analysis suggests that AAVE price is in a short-term uptrend but to gain investor confidence, bulls have to hold the price above both the EMAs.

Technical levels

Resistance levels : $100.00 and $115.00

Support levels : $64.00 and $51.00

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 assets comes with a risk of financial loss.