AAVE Looks Ready for Next Leg Up as Bullish Metrics Align: Here’s the Price Outlook
Release: 2024/09/03 17:19 Reading: 880
Aave Poised for Rally as Key Support Retested
Aave (AAVE) is poised for a potential rally as it approaches a crucial support level of $131 on the daily timeframe. A successful retest could trigger a surge in price towards the last swing high of approximately $150.
On the monthly timeframe, an ongoing breakout from an accumulation zone around $131 indicates a potential catalyst for a longer-term upward movement.
Supporting Indicators
Bullish sentiment is supported by the Relative Strength Index (RSI) at 57, indicating that the price is within the buyer zone with ample room for growth before becoming overbought.
The 50-day Simple Moving Average (SMA) provides potential support in case of price declines, further suggesting short-term bullishness. While the 100-day and 200-day SMAs indicate a bullish signal, they offer flexibility for price retracements if the downtrend persists.
Broader Price Outlook
Aave broke out of a four-month accumulation zone in August, followed by a spike to $150. It has since undergone a retest and an additional week of accumulation. A successful retest today could signal a continuation of the upward trend.
The weekly timeframe corroborates this outlook, showcasing a breakout candle, a retest candle, and a continuation candle this week. However, if the price falls below the accumulation zone of $116, this bullish scenario will be invalidated.
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