With a recovery rally in altcoins, the AAVE price trend jumps with the broader market boost. As bulls reclaim the $100 psychological mark, an actual bullish achievement comes with the $110 breakout. Will this recovery run in AAVE result in a 60% surge before Q4 begins?
V-shaped Reversal For AAVE
With the DeFi token finding a new demand sprint, the bullish trend in AAVE price picks up pace. Ranking at #47 with a market cap of almost $1.7 billion, AAVE shows a bullish recovery of 25% in six days. Amidst the recovery run, the market players support the AAVE price prediction of $200 this year.
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The recovery rally in AAVE forms a V-shaped pattern and reclaims the $100 psychological mark. Further, the bullish trend surpasses the $110 mark or the 50% Fibonacci level in the daily chart.
Currently, the AAVE price trades at $113.39 with an intraday gain of 1.06% following the 4.52% bullish engulfing candle formed last night. As the breakout run gradually gains momentum, the uptrend in the DeFi token eyes a bullish week ahead.
Technical Indicators:
RSI: The daily RSI line shows a rising trend from the halfway line, ready to hit the ceiling of the overbought boundary at 70%. As the streak of bullish candles in the AAVE price trend continues, the RSI line skyrockets.
EMA: The bullish crossover of the 50D and 100D SMA gives a buy signal to sideline traders. Further, the chances of a golden crossover in the 50D and 200D SMA increases.
Where Is AAVE Price Headed?
Based on the Fibonacci levels, the AAVE price breaking above the 50% Fibonacci level is a potential buy for momentum traders. Further, the price action shows a neckline at $116, which will be a point of high momentum uptrend post-breakout.
The upside targets for the DeFi tokens are at $128, $147, and $182, based on the 78.60%, 100%, and 161.80% Fib levels. Conversely, a downfall under $110 will test the 200D SMA at the $100 psychological cushion.
Source: https://coinpedia.org/price-analysis/aave-price-open-a-bullish-pandora-with-a-110-breakout/