AAVE Price Poised For Rebound With $90 On The Crosshair – Time To Buy?

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As per tracking from SE, AAVE is currently in a recovery phase, having successfully crossed the crucial $80 psychological resistance marker to trade at $82.52 at the time of writing. koingeco,

  • AAVE manages to cross the crucial $80 resistance marker
  • Altcoin Could Make Another Push To $116
  • AAVE Price Continues Pump Despite Tron Founder’s Mass Withdrawal From Crypto Protocol
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In the past seven days, the cryptocurrency has managed to match price hike This also translates to a growth of 8% on a month-to-date basis as of 15.4%.

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The bearish momentum that has thrown the cryptocurrency space into chaos over the past two months has pulled AAVE price into a descending pattern.

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Source: TradingView

Under this, the price of an asset moves into a bullish trend before an immediate correction occurs. Two trendlines are formed but the consolidation stops when the price breaks the upper trendline.

This movement indicates bullish activity and, by its appearance, leads the AAVE for the next few days.

AAVE Price Momentum and Analysis

Over the past four days, AAVE managed to gain 16.5%, staying true to the nature of its falling wedge pattern despite dealing with uncertain price movement in the crypto market.

But, as pattern It also suggests that there may be a price downside momentum for the digital asset, as indicated by its daily candle which suggests a retest of the $80 support marker.

This shouldn’t be a problem for AAVE, at least for now, as it’s predicted that its resurgence will resume once retesting is complete, which could fetch up to $90 – and even more. That would also go up to $116.

Crypto’s Vortex Indicator is showing no weakness for the upcoming bull run and the increase in trading volume suggests that AAVE is in a real price recovery at the moment.

weathering negative network activity

The altcoin is doing well given the negative activity in Tron founder Justin Sun’s network.

The Highly Touted Crypto Figure, According to Data Analytics and Blockchain Security Firm PeckShieldAlert Has taken back Over $100 million in USDT stablecoins from Aave Protocol V2.

Withdrawals were made in two identical transactions worth $50 million and completed through wallet addresses funded by crypto exchange platform Poloniex.

AAVE market cap at $1.16 billion on the daily chart | Featured image from The Coin Republic, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.



Credit : www.newsbtc.com

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