AAVE Price Could Continue Bullish Spike If This Resistance Flips to Support: Here Are the Key Levels to Watch
The price of AAVE has been strong since breaking out of a descending channel pattern two weeks ago.
After the breakout, the price retested the level successfully and has since been rising steadily.
AAVE price is already breaking out of a zone at $112. A break above this level is expected to make the price rise more than 10% to around $130.
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The relative strength index is at 69, which shows that the price will soon be at an overbought level. Prices typically have high chances of retracement at overbought levels, which is from 70 upward.
The 50-day simple moving average is below the price, which could potentially serve as support in the case of a longer price retracement.
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Show more +The 100-day and 200-day simple moving averages could also serve as support during retracements.
Long-Term Trend Is Still Bearish According to AltFINS
According to altFINS, a crypto analytics firm, Aave’s price is in an uptrend, forming higher highs and higher lows. The price broke above the $105 resistance and a 200-day moving average, which is around $100.
Source: altFINS – Start using it today
That kickstarted a 15% upside move which could potentially reach $120. The expert believes that the short-term and medium-term trends are strongly up, while the long-term trend is still bearish.
Based on the analysis, the nearest support levels are $90 and $80, while the nearest resistance is $118.
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