Aave Price Prediction: The AAVE coin price challenges another crucial resistance to set a new yearly high; time to buy
Published 4 seconds ago
Aave Price Prediction: The AAVE token shifted gears into a vigorous recovery phase when the price rebounded from the $61 level in late October. Within three weeks, the token has experienced a remarkable ascent of 56.36% which reached the current trading value of $96.8. This robust upward trajectory has been accompanied by an escape from a 16-month chart pattern, signaling a potential trend reversal.
Also Read: Bitcoin (BTC) Price Consolidates as Analyst Predicts Next Stop
Is AAVE Heading to the $100 Mark?
- The overhead supply at the $100 barrier could trigger a minus pullback in the Aave price.
- The 20 EMA slope around the $83 mark offers additional support for buyers.
- The intraday trading volume in AAVE is $213.8 Million, indicating a 64% gain
Source- Tradingview
The recovery trajectory for AAVE price encountered resistance at the $100-$98 zone. Efforts to breach the $100 level were met with prompt selling pressure, reflecting a degree of market hesitation that became particularly pronounced when this DeFi platform halted several of its markets on November 4 after receiving reports of an issue linked to a specific feature, as announced in a statement on X, the platform formerly known as Twitter.
However, as the altcoin market has recently witnessed a surge in buying pressure, the AAVE price too jumped 8% to rechallenge the aforementioned $98-$100 resistance level. A potential breakout above this barrier would intensify the buying momentum and bolster buyers to extend bullish trends.
Under the influence of the recently completed descending triangle pattern, the ongoing rally will likely reach the $124 mark, registering a potential growth of 28.5%.
Key Levels to Watch
Despite the optimistic tone, the significant resistance at $100 could incite a modest retracement. Notably, previous pullbacks during the two-month rally in AAVE did not exceed the 38.2% or 50% Fibonacci retracement levels. Thus, if a pullback occurs the buyers can find robust support zones at $83.1 and $77.2.
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.
