Despite increased bearish price action in the crypto market, the AAVE price has continued trading under a bullish sentiment, indicating a positive influence for the altcoin in the cryptocurrency space.
AAVE Price Shows Bullish Action
With a jump of over 8% within the past day, the AAVE price continues trading under a bullish sentiment. Notably, the altcoin has approximately 16% over the past week, highlighting a rising interest of investors in it. Further, it has formed an ascending channel pattern, suggesting a positive outlook.
Will AAVE Price Continue to Rise?
The Moving Average Convergence Divergence (MACD) has displayed a constant rise in the green histogram. Moreover, the averages record a high possibility of a bullish convergence, indicating an increase in the buying pressure for the AAVE price within the crypto space. Further, the EMA 50/200-day shows bullish action, suggesting that the Aave coin price will continue to gain value in the coming time.
Return to Previous Price Levels
If the market holds the AAVE price above its support level of $105.50, the bulls will prepare to test its resistance level of $118.50. Maintaining the price at that level will set the stage for Aave crypto to head toward its upper high of $131. Conversely, if the bears regain momentum, the altcoin will plunge toward its support level of $93.75 during the upcoming weeks.
Thus, despite the overall bearish sentiment in the cryptocurrency market, AAVE shows steady growth and has the potential for further price increases.
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