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Cryptoknowmics 2022-08-12 06:55:58

AAVE Technical Analysis: Rising Channel Trend Ready To Cross $115

The AAVE prices maintain an uptrend in a rising channel challenging the overhead resistance zone at $115. Will buyers exceed this supply zone? Key Technical Points: The market price increased by almost 42% in the last three weeks, reaching the $115 supply zone. The bullish turnaround in the 50-day SMA prepares a crossover with the 100-day SMA. With a market cap of $1.54 billion, the intraday trading volume of AAVE has decreased by 36% over the last 24 hours to reach $311 million. Past Performance of AAVE AAVE’s price trend over the last month has risen higher in a parallel channel pattern in the daily chart. The bull run accounts for a 95% jump since last month, cracking the 50 and 100-day SMAs and the psychological mark of $100. The price action presently shows a power struggle at the $115 mark, with a sentimental incline towards the bullish breakout. Source – Tradingview AAVE Technical Analysis The AAVE technical chart shows a spike in the intraday trading volume supporting the bullish team, projecting a high breakout possibility. However, price action confirmation is crucial for traders to avoid a bearish reversal. The daily-RSI slope spikes above the 14-SMA line, indicating the traders share a positive outlook. However, the lines closing to the overbought region could propel a minor correction. Moreover, the MACD indicator displays multiple crossovers reflecting the recent uncertainty in the price trend. In summary, the AA...

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