$76.6 Breakout May Drive AAVE by 23%

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Published 34 mins ago

The AAVE price takes a bullish turnaround from the bottom support level at the dollar $46 mark resulting in a rounding bottom reversal. Over the last week, the $40 percent growth completes the rounding bottom and results in a bullish breakout of the falling wedge pattern. Will this breakout rally surpass the overhead resistance at the $75 dollars mark to reach the dollar $92.5 milestone?

Key points:

  • The AAVE price rally has surged 40% since last week
  • The $76.6 breakout push the AAVE price 47% higher to the $ 9 mark
  • The intraday trading volume in AAVE/USD is $134.3 Million, indicating a 15% gain

AAVE/USDT ChartSource- Tradingview

On July 4th, the AAVE/USDT pair gave a bullish breakout from a three-month-old falling wedge pattern, signaling a potential recovery. The post-retest rally showcased aggressive buying and appreciated the altcoin by 25%.

The four consecutive green candles with increased volume activity reflected a high momentum rally, which pushed the AAVE price to $75.6. This resistance has prevented buyers from climbing higher over the last three weeks.

Furthermore, today, the AAVE price is 5.73% up and teases a bullish breakout from the mentioned resistance. as a aresult, If the coin price breached and showed sustainability above the $75.6 mark, the buyers may obtain this higher foothold and continue the bullish rally.

However, If the supply pressure at this resistance persists and the AAVE price gives a candle closing below the $75.6 mark, the traders may witness another pullback.

Technical indicator

The DMI lines maintain a positive alignment after the recent crossover event, and the ADX line shows a bullish turnaround indicating an increase in the underlying momentum. Therefore the technical indicator maintains a bullish bias and forecasts a prolonged uptrend.

The reversal rally exceeds the 20 days EMA and prepares an attempt to surpass the 50 days EMA. The sudden bullish turnaround influences a bullisNess and 20-day EMA resulting in an upside reversal.

  • Resistance levels: $92.8 and $108
  • Support levels: $75 and $54.8

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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