The price of AAVE has spiked by more than 10% in the last 24 hours. AAVE had been trading below a descending trendline, which was a significant resistance level.
Yesterday, the price managed to break above this trendline, which is a bullish breakout. The price could see a price spike to around $150, which is a 30% spike from the breakout point.
There is a horizontal support zone between $70 and $80, which has been tested multiple times. This zone provided a strong base for the recent upward move.
The RSI (Relative Strength Index) is currently at 70.39, indicating that the asset is entering overbought territory. This could mean the price might experience some consolidation or pullback before continuing the upward move.
The Moving Average Convergence Divergence (MACD) line is above the signal line, confirming bullish momentum. The histogram is also positive and expanding, indicating increasing buying pressure.
What you'll learn 👉
FET Is Pumping Following Accumulation
Artificial Superintelligence Alliance (FET) has spiked by more than 10% in the last 24 hours. Since March, FET has been trading within a descending channel, marked by two parallel trendlines.
The price has consistently made lower highs and lower lows, showing a bearish trend over several months. The price has reached the lower boundary of the channel multiple times, suggesting a strong support level.
Read Also: Why Is Bitcoin Price Pumping Today? Crypto Analyst Says BTC Will ‘Breakout’ in 35 Days
Over the past few days, FET has been trading sideways in a range-bound accumulation phase, just above the lower boundary of the descending channel. This sideways movement typically indicates a period of consolidation where sellers are losing strength and buyers are gradually stepping in.
The chart indicates that FET has broken out of this sideways accumulation phase. This breakout suggests that the price may attempt to move towards the upper boundary of the descending channel.
Technical Indicators
The RSI is currently at 44.2, which is below the neutral 50 level. This indicates that the market is still in bearish territory, but the recent breakout could suggest a potential reversal if momentum continues to build.
Notably, the RSI is beginning to slope upwards, which is a positive sign of increasing buying interest.
The MACD line (blue) is slightly above the signal line (orange), and the histogram shows weakening negative momentum. This crossover is a bullish signal, suggesting that the downward momentum might be fading, supporting the case for a potential upward move.
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Show more +Price Targets
The first significant target is the top of the descending channel, which acts as the immediate resistance level. This level has been tested several times in the past but has not been broken, making it a critical point to watch.
The lower boundary of the channel remains a strong support level. If the breakout fails and price falls back into the channel, this support level could be retested.
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