Aave (AAVE/USD) Sets Sail to Reclaim $70.00 as the Swing Around the Level May Still Continue
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The $70 price level is an important swing point in the Aave market. The market has swung around this price level since March 12, and most of the time, the price level has also acted as the support level for Bull market. Bear market could not go too far beyond this level. On such occasions, Aave bulls are quick to reclaim the price level. Despite the price swing around $70, the market remains in a horizontally moving price channel.
AAVE/USD Price Statistics
- AAVE/USD Price Now: $65.98
- AAVE/USD Market Cap: $949,667,932
- AAVE/USD Circulating Supply: 14,393,301 AAVE
- AAVE/USD Total Supply: 16,000,000
- AAVE/USD CoinMarketCap Ranking: #50
Key Levels
- Resistance: $70, $75, and $80
- Support: $60, $55, and $50
Price Prediction for Aave: The Indicators’ Point of View: Buyers Ready to Reclaim the Key Level
At the 61.8% Fibonacci level, which is the $67.9 price level, lies the bullish last line of defense. On May 8, with a very significant bearish move, bears broke the $70 price level. Bears then dragged bulls along as they ventured further into the demand zone. Bullish sentiment gained momentum near the 78.6% Fibonacci level, which is closer to the $60 price level. The volatility in the market began to grow on May 15, and the market began to move towards reclaiming the key price level in the previous daily session. It continued in today’s trading session. But a source of main concern is that it seems like resistance is forming at the $70 price level.
AAVE/USD 4-Hour Chart Outlook:
Despite the high volatility in today’s market, bulls’ progress toward reclaiming the key price level has been slowed down due to bearish resistance. This could be because the market has taken a while, after falling below the $70 price level, to consolidate. The bull market needs a support level in proximity to the $70 price level in order to meet its target. But for now, the resistance level seems very strong, and as a result, the buying momentum slightly declines due to the price retracement.
