How Soon Can We Expect Aave To Target $80?
24 March 2023 - 08:30AM
Aave has been securing steady gains over the past few days. Over
the last 24 hours, the altcoin gained nearly 1.4%. Weekly gains
have not been as high as Aave gained 3% With Bitcoin swaying
between two crucial levels of $28,000 and $28,500 in the past
trading sessions, altcoins have remained undecided on their one-day
charts. Although most altcoins have captured bullish momentum, they
have been attempting to break past the immediate resistance level.
Related Reading: Solana Price May Fall To $21 Before It Stages
Another Recovery Buying strength increased slightly. Demand and
accumulation also noted a positive change because of that. The
technical outlook of Aave suggests that the bulls are trying to
gain control over the price. Aave’s market capitalization on the
daily chart increased, indicating increased buying strength. Demand
will rise significantly over the next trading sessions if buyers
continue to exert strength. If BTC steadies over the $28,500 mark,
other altcoins will slowly attempt to breach the overhead ceiling.
Aave Price Analysis: One-Day Chart The altcoin was trading at $77
at the time of writing. As Aave broke past the $74 resistance line
and flipped it into a support level, the coin started to surge.
Overhead resistance stood at $78; breaching will help Aave reach
the $80 mark. If demand does not remain steady between the $76 and
$78 price levels, Aave is expected to make another fall. Once Aave
starts trading above $78 for many trading sessions, the altcoin
will target $80. The amount of Aave traded in the previous session
was green, indicating that the altcoin was in demand. Technical
Analysis Since the second week of March, demand for the altcoin has
started to increase. In the last week, demand finally moved closer
to the positive zone. The Relative Strength Index noted an uptick
and peaked above the half-line. This indicated that buyers were
slowly increasing in number. In accordance, Aave moved above the
20-Simple Moving Average (SMA) line as buyers were driving the
price momentum in the market. Another bullish signal that suggests
the altcoin might breach the immediate ceiling was price trading
above the 200-SMA line. Other technical indicators have also
depicted buyers gaining confidence in the asset. The Moving Average
Convergence Divergence suggests price momentum and trend reversals.
The indicator formed green histograms tied to these buy signals.
Bollinger Bands measure the price volatility and chance of price
fluctuation in the market. Related Reading: Litecoin Surges 13% In
Last 24 Hours, Flips Shiba Inu In Market Cap The bands remained
parallel and stretched between $76 and $80, respectively,
indicating that the $76 level was the lower trading frame, while
Aave will face resistance at $80. Featured Image From UnSplash.
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