Aave Broke Past Crucial Resistance, Which Way Is It Headed Now?
June 07 2022 - 12:00AM
NEWSBTC
Aave managed to break past its crucial resistance of $104 over the
last 24 hours. As the market demonstrated strength, altcoins across
the industry attempted to move north. Bitcoin climbed above the
$30,000 price level and this extended gains across the altcoin
market. At the time of writing, Aave was still quite close to the
$104 price level which now acts as a support. The bulls need to
amplify in order for the bearish thesis to be invalidated. Over the
last week, Aave gained about 10% on its chart. A current fall in
price will push the coin below the $103 support line. Right now the
coin has been facing strong resistance at the $108 price level. For
the coin to trade in a bullish price action, it is important for
Aave to trade above the $108 resistance level. If the coin doesn’t
manage to move above the aforementioned level then Aave might
extend further losses. Aave Price Analysis: One Day Chart The
altcoin was trading at $105 at the time of writing after breaking
past the $104 resistance level. Overhead resistance for the coin
stood at $108. A break below the current price level can push the
coin to the $93 mark. The other major resistance mark stood at
$120. Aave last traded around this price level in the month of
January 2021. Over the last one week however, buyers attempted to
return to the market. The same reading was reflected on the volume
bars. Volume traded in the last session was in the green. This
indicated bullish price action at press time. Technical Analysis
Over the past week as Aave continued to display strength, buying
strength slowly mounted on the chart. The Relative Strength Index
reflected the same. At the press time, the indicator was on the
half-line, this reading meant that there were equal number of
buyers and sellers in the market. The price of Aave however was
parked above the 20-SMA line which indicated that the price action
was more inclined to favour the buyers. The buyers were responsible
in driving the price momentum in the market. Related Reading | Aave
Below Its Long Term Support; What To Expect Now? The coin so far
has painted mixed signals on the one day chart. Although most
indicators swayed towards bullishness, some were yet to reflect the
same price action. The Chaikin Money Flow registered a downtick,
this signified a fall in capital inflows over outflows. On the
other side, Moving Average Convergence Divergence underwent a
bullish crossover as price of the coin started to look optimistic.
The green histograms on the MACD were also indicative of the buy
signal. If buyers act on it then Aave can even attempt to trade
near the $120 price mark, however, support from broader market will
be required. Related Reading | Bitcoin Bullish Signal: 1k-10k BTC
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