The bulls eye for a breach of the resistance level by CoinEdition

© Reuters. AAVE price rises to a 7-day high: the bulls eye for breaching the resistance level
  • AAVE sees positive momentum and potential for upward movement.
  • Traders should monitor resistance levels and consider risk management measures.
  • The RSI and MACD indicators suggest a possible buying opportunity for AAVE.

Aave (AAVE) price rose to a 7-day high of $77.21 after a sustained advance over the past 24 hours. The bears’ attempt to flood the market was thwarted as the AAVE market found support at the day’s low of $71.17. AAVE price is up 4.70% to $75.77 over the past 24 hours at the time of writing.

Due to the strong market demand for AAVE tokens and positive investor sentiment regarding the future development potential of the project, the market capitalization grew to $1,068,096,481, and the 24-hour trading volume increased to $86,704,702.

If the uptrend continues, AAVE may soon break the $77.21 barrier, and the next resistance levels are likely between $80 and $85. But if the bearish pressure continues, the important support levels to watch are $70 and $65.

24-hour price chart (Source: CoinMarketCap)

In the AAVE price chart, an ATR value of 2.087816 indicates that the AAVE price has been volatile lately. This movement may indicate potential opportunities for traders who are willing to take additional risks.

However, as the Klinger Oscillator created a bearish cross and dropped below its signal line with a value of 181, the uptrend in AAVE may be waning. This movement warns traders to watch the trend closely and to adopt risk management measures to protect their holdings.

While Know Sure Thing (KST) reads 55.2231 and is advancing north, its bullish momentum is partially resisting the negative sentiment of the Klinger oscillator. This notion is obvious because this move suggests that AAVE may still have some upside potential in the short term.

AAVE/USD chart (Source: TradingView)

When the blue MACD line on the AAVE price chart rises above its signal line, the positive momentum may continue soon, indicating a possible buying opportunity for traders. With the MACD value of 1.546571, this bullish picture is emerging in the AAVE market.

Also, the histogram is heading in the positive territory, supporting the bullish momentum and providing a potential buying opportunity for traders willing to join the market.

The RSI reading at 62.51 and rising higher shows that buying pressure is building. The uptrend may continue soon, which makes it an excellent opportunity to join the market for potential rewards. If the price reaches an overbought level above 70, it may indicate a possible trend correction or reversal, and traders should be careful and consider taking profits.

AAVE/USD chart (Source: TradingView)

AAVE breaks resistance as bullish momentum increases, indicating a potential buying opportunity for traders.

Disclaimer: The views, opinions and information shared in this price forecast are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

AAVE prices rose after rising to a 7-day high: Bulls-eye Breach of Resistance Level appeared for the first time in the coin issuance.

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