- AAVE price prediction reveals that the price made a bullish reversal in June 2023.
- AAVE price prediction reported a year-to-date profit of 36.58%.
- AAVE price prediction Token is up by 3.35% in the past 24 hours.
AAVE’s (AAVE) price prediction highlights the bullish recovery of the market from its import demand zone of $52.24. The price started the year with a bullish rally of 80% which took the price to the resistance of $93.81. It was succeeded by a steep downfall of 45% to the support level. Since then, the market witnessed a bullish recovery of 61% to the resistance of $81.00.
At the time of writing, the current market price of AAVE is $71.71. The 24-hour trading volume surged by 6.46%. The market is up by 3.35% in the last 24 hours. The overall market cap of AAVE tokens is $1,036,229,022.
Is AAVE Heading Towards the Path of $100?
AAVE price prediction reveals that June 2023 has been a bullish month for the price. The bulls started buying from the support and were able to conquer the resistance of $68.48. The AAVE token surged 17% from there and reached a resistance of $81.57. It was followed by a correction of 10% to its current market price.
AAVE crypto is trying to take support at $68.48 to continue its recovery to the upside. The price is taking support from the 9 and 5 EMAs while trading in proximity to the 200 EMA. The market witnessed aggressive buying in the past few days, which is evident by the big volume bars. This bullish recovery came as a result of the breakout of a descending channel pattern.
Will the Price Continue its Bull Trend?
A closer look at the 4-hour chart reveals bullish price action in the short term. The AAVE price made a series of higher highs and lower lows while trading above the 200 EMA. This indicates that the bulls became active and bought the dip. Currently, the price is getting a pullback from the recent swing high.
If the AAVE token manages to break the resistance of $81.57, expect the market to quickly rise to the resistance of $93.81. It will increase the chances of AAVE crypto reaching $100 soon. A drop from here can plummet the prices down 25% to the support level of $52.24.
RSI: The RSI indicator is currently at 47.16 on the 4-hour. The price is in bearish territory and the market is weak. The prices are expected to move down until RSI crosses 50.
MACD: MACD is about to make a bullish crossover. However, the MACD and the signal line are moving adjacent below the 0 Line. It is a sign of the lack of momentum. The price may consolidate in the short term.
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200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication of bullish dominance. The 200 EMA acts as a dynamic support and the prices may continue to move up until the price breaks below the indicator.
Conclusion:
AAVE price prediction highlights the bullish recovery of the market from its import demand zone of $52.24. The market may remain bullish until it continues creating higher highs. The present market condition is volatile and it is best to navigate the volatility with proper risk management. Investors can wait for a break of resistance for more confirmation.
Technical Levels
- The nearest support level: $68.26
- The nearest resistance level: $81.37
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
