While most altcoins are currently weak amid latest dip, Aave appeared highly bullish following a recent monthly price break. However, it has lost buzz a bit today, but the price still looks strong on a weekly scale.
Breaking below the crucial $80 support near $70 in July, Aave saw a rejection and recovered well above the important $100 resistance level.
Unfortunately, it lost momentum under $107 and went through a small retracement in the mid-month. But it later bounced back after pinning support above $85 in the late month. That bounce brought the price back above the important resistance level and it tapped a daily high of $117.5 for the first time in three months.
Losing buzz in the past hours, it has retraced a bit and now sits on May’s high – standing as a minor support for the market. While more surge is expected soon, a further drop may bring a small price retracement.
Compared to several altcoins that have lost momentum in the past week, Aave is much likely to sustain bullish momentum until it encounters a tough resistance. The price remains strong on the daily outlook as it leads the top gainer chart with 10% increase at the time of writing.
Aave’s Key Levels To Watch
Source: Tradingview
The potential retracement point lies at the $122.15 resistance level. If the price advances higher, the next level to watch for an increase is $131.6, followed by $140 and March’s $153.7 high, where a major breakout lies.
If the price drops, the $106.8 level is the closest support level to consider for a retracement. The next one is $97.2. Losing the $85.75 support level in the process will confirm a bearish move.
Key Resistance Levels: $122.15, $132.6, $140
Key Support Levels: $106.8, $97.2, $85.75
- Spot Price: $114.6
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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