Key Takeaways:
- AAVE price is signaling a fresh increase from the $105 support.
- A major bullish trend line is forming with support at $116 on the daily chart.
- The bulls seem to be aiming for a move toward the $150 resistance.
NEW DELHI (CoinChapter.com) — AAVE is gaining a steady uptrend above the $100 pivot level. The price could gain nearly 20% and rise toward $150 in the coming days.
AAVE Price Signals Fresh Increase
After a strong move toward the $150 resistance, AAVE price started a downside correction like Bitcoin and Ethereum. There was a drop below the $140 and $135 support levels. The price even spiked below the $115 support level.
However, the bulls were active above the $100 support zone and the 50-day simple moving average (blue). A low was formed at $105.50 and the price recently started a fresh increase. There was a move above the $115 and $120 resistance levels.
The bulls were able to push AAVE toward the 50% Fib retracement level of the downside correction from the $151.92 swing high to the $105.50 low. The price is now consolidating near the $125 level.
There is also a major bullish trend line forming with support at $116 on the daily chart. On the upside, the price is facing resistance near the $128 level. The first major resistance is near the $135 level. It is close to the 61.8% Fib retracement level of the downside correction from the $151.92 swing high to the $105.50 low.
A clear move above the $135 level could easily send AAVE price toward the $142 level. If the bulls remain in action above the $142 level, it could open the doors for a move toward the $150 level.
Another Decline?
Conversely, the price might start another downside correction. Immediate support is seen near the $124 level. The first major support is forming at $120. The next major support is near the confluence zone of the 50-day simple moving average (blue) and the trend line at $115.
If the bulls fail to defend the $115 support, it could spark heavy losses. In the stated case, the bears could aim for a downside thrust toward the $100 pivot level.
Fundamentally, Aave Labs recently published a rollout plan for cross-chain GHO to enable the DAO to initiate cross-chain GHO deployments in a controlled and secure manner.
Overall, AAVE is showing positive signs above the $115 zone. It seems like the bulls could soon aim for more upsides toward the $135 level and then $150 in the coming days.
