While many altcoins are still trading at the bottom due to low demand, Aave has continued to show strength as it reached a new milestone today. The price has retraced briefly to where it currently sits above a resistance.
The month of July marked a notable turning point for Aave as it found solid ground above $70 – its lowest yearly price level. It bounced back after holding the level as support and closed that month on a strong note.
It lost momentum in the first week of August but later managed to find support at $90 after a long-wick rejection at $77. The price rose again and rallied to the top with a higher high and higher low pattern.
That rally confirmed a bullish reversal but the price got stalled due to a rejection in late August. This facilitated a drop and the price retraced to where it recently found support at $116 after consolidating for a week. It resumed bullish and tested $160 – its highest level since April 2023.
Aave rejected this high and lost buzz to where it sits at a key resistance level at the time of writing. A continuous drop from the current trading level could bring a little retest at last week’s high before resuming a surge.
Aave’s Key Levels To Watch
While the bears might suffer more losses in the next few days, the key resistance level to watch for a break-up is $160. Higher resistance levels for an increase are $170 and $180.
The $141 level is the closest support to keep in mind for a pullback. The $131 level follows it. Another support to consider here is the $118 level.
Key Resistance Levels: $160, $170, $180
Key Support Levels: $141, $131, $118
- Spot Price: $149
- 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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