After witnessing a short pullback this week, Aave pinned support above $200 with a sharp bounce and resumed buying at full speed. Following a fresh breakup, it currently appears strong on a daily scale.
Aave’s general market outlook appears bullish on the macro level, and as we can see on the daily chart, the trend is becoming stronger daily since the price bounced back from $70 in July.
Although there was a little drawback this week after facing a rejection last weekend, the price plunged on Monday and tested a low of $225. This low held as support, and the price recovered well above $270 the following day. Breaking higher yesterday, the price now sits at $351.
Strong price actions can be expected while the bulls are back in control. A drop from the current trading level should bring a retest at $300 before rallying hard. As it stands, there’s no room for the bears. The steady rise in the daily volume indicator suggests more growth is underway.
Looking back from where it bounced back, Aave’s price has increased by 5x, and from the looking of things, huge returns lie ahead following the latest breakout. A huge capital inflow could propel the price near $1k by the end of this bull cycle.
Aave’s Key Levels To Watch
Towards the upside, the potential level for a test is $395. An increase above this level should propel buying to $455. The next key level to keep in mind is $500.
If a pullback occurs, the $297.2 level is the closest support to watch for a test. There is also support at $261 in case of a more drag down. Below it lies $225 tested as the low of the week.
Key Resistance Levels: $395, $455, $500
Key Support Levels: $297.2, $261, $225
- Spot Price: $351
- 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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