Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
AAVE price prediction turned bullish and suggests the recovery might continue in the coming months. It recovered 52% (approx.) from the recent swing low and is rising upward by forming higher high swings.
AAVE crypto price managed to climb above the 50 day and 200 day EMAs indicating that the trend has reversed upward.
The 50 day EMA is reversing upward and might positively intersect with the 200 day EMA. It will be considered as a golden crossover which will further boost the momentum.
The sudden rise in the buying volume is visible and it indicates that some genuine investors have injected the money. However, the crypto faced minor profit booking from $80.00 which is acting as an immediate hurdle for the bulls.
AAVE price is trading at $73.92 with an intraday rise of 1.93%. The 24 hour volume to market cap is 7.48%.
The AAVE/BTC pair is trading at 0.002482 with an intraday rise of 1.81%. The price chart of this pair looks quite similar to the USDT pair and the buyers seem to be getting active on both the pairs.
Will AAVE Price Hold $60.00 in Coming Months?
AAVE price prediction suggests an increase in the value in coming months. The prices are in the recovery mode and buyers seem to be returning back on track.
In the mid June, the downfall halted near $50.00 and prices showed a sharp bounce. It denotes that $50.00 will act as a strong support and that short term downfall will be easily absorbed by the buyers.
Till AAVE crypto holds $60.00 support, the price is expected to remain bullish and minor correction is likely to bounce back. On the other hand, if the buyers succeed in breaking out of the $80.00 level, then prices will begin the journey to reach $100.00.
The technical analysis suggests that the recent recovery looks sustainable and prices are likely to hold the $60.00 level.
Will Aave Crypto Break the 50 Week EMA?
Aave crypto price performed well in the past few weeks and is trying to break the 50 week EMA. On a weekly time frame, the prices are consolidating in the wide range between $50.00 to $100.00.
The MACD curve sustains above the zero line but generated a negative crossover indicating mild bearishness. The histogram bar is declining, indicating that the price is losing momentum. The RSI at 54 slopes sideways denoting neutral territory and an intense tug of war between buyers and sellers.
Conclusion
AAVE price prediction is bullish till it sustains above the $50.00 support. Aave crypto is in recovery mode and recovery is likely to continue in coming weeks.
The technical analysis suggests that if AAVE crypto breaks $80.00, then the probability of reaching $100.00 level will increase.
Technical Levels
- Resistance levels: $95.00 and $100.00
- Support levels: $60.00 and $50.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/21/aave-price-prediction-will-aave-reach-100-before-2023-end/