- AAVE Token price rises higher after finding demand near the critical support trendline.
- The coin price trades close to the 20-day EMA while other EMAs rise in a bullish alignment.
- The AAVE/BTC is trading at 0.008003 BTC with an intraday gain of +0.40%.
AAVE Token price grows more than 15% after finding support near the $330 mark close to the support trendline of the expanding channel. Moreover, the support of rising EMAs in the daily chart has stood firm against the bearish attack.
The trading volume (101.2K) has managed to rise above the 20-days volume MA (47K), indicating a rise of interest of investors that might induce further appreciation. Furthermore, the up move indicates growth above the $400 mark.
Presently, the token price is trading at $385.61, with an intraday incline of a 3.29% market cap. Furthermore, the intraday trading volume of the coin boomed 65% in the past 24 hours.
AAVE Token Retests The Resistance Zone Breakout
In the 4-hour technical chart, the AAVE token has broken above the resistance zone representing the rise in underlying bullishness. Moreover, the price is retesting the bullish breakout giving rise to a perfect opportunity with minimum risk.
The crypto asset trades are significantly higher than the 20-period EMAs, while other EMAs rise higher to attain the bullish alignment. Moreover, the bullish crossover increases the underlying bullishness.
Technical analysis suggests that a bullish breakout may have trouble rising above $400. The bearish trend may drop to $275, or even $150, if the price breaches the $350 support level.
Bullish sentiments are on the rise, evident by the RSI indicator as the RSI line slopes upwards.
The ADX indicator signals a slight increase in trend momentum.
As indicated by the ADX and the EMA indicator’s supporting bullishness, the trend’s inclining momentum cast a solid bullish outlook for the AAVE token price.
Conclusion: To spot a bearish breakout, investors should keep an eye on the $400 level. Investors may be able to buy if the price drops at the support trendline. However, the coin price could reach the $350 mark in the unlikely event of a bearish breakout.
Support– $350 and $275
Resistance– $400 and $500
