Popular cryptocurrency AAVE The price has recorded a jump of over 5% in valuation in the last 24 hours. For this reason, he was on the list of the highest earners of the day.
AAVE price briefly traded in a closed range between $99 and $104.32. The market then gained momentum, causing the bulls to break out of the range. Aave price gained over 27% before being rejected at $125.77.
After that, Aave price started trading under bearish influence and recorded a 13% correction. The price then traded in a consolidated range between $109.29 and $119.08 for about a week. The bulls made many attempts to keep the price above the $109.29 support level. However, the bears overwhelmed the bulls, causing the price to fall.
Koinfinans.com As we reported altcoin The price experienced another loss of 13.06%. The price then traded sideways in a closed range between $99 and $104.32 for a while. The bulls gained momentum after testing the key $91.13 support and jumped over 30% in the valuation.
Despite the AAVE token experiencing a Gold crossover, the price exhibited a negative trend reversal and recorded a correction of around 17%. Recently, the bulls regained momentum and made a successful breakout. However, the rally was short-lived as the price was rejected at $109.29.
Currently, the price is trading in a closed range between $104.32 and $109.29. In this context, it is estimated that it will soon be subject to a major price movement, the outcome of which is uncertain.
Will AAVE Price Re-appreciate?
The Relative Strength Index (RSI) shows a bearish curve on the chart, highlighting the increasing selling pressure in the market. Additionally, the averages show a neutral trend, indicating uncertainty in the future price movement of the AAVE price.
If the market holds the price above the $104.32 support level, AAVE price will soon test the $109.29 resistance level. Holding the price at this level will pave the way for the Aave token price to attempt to test the upper resistance level of $114 this week.
On the downside, if the trend reverses, the bulls will lose their $100 target and the price will drop to test the $99 support level. Moreover, if the bears continue to hold strength, the price will decline further and test the $91.13 low support level next week.