AAVE Technical Analysis: Can AAVE Buyers Exceed The 50-day Average?

AAVE price action teases a reversal from $70 to challenge the 50-day SMA and give a bullish breakout. Should you consider buying at $70? Key technical points: AAVE prices have increased by 0.94% in the last 24 hours. The price action prepares a bullish breakout of the cup and handles with the neckline coinciding with the 50-day SMA. The 24-hour trading volume of AAVE is $256 Million, indicating a rise of 23%. Past Performance of AAVE The AAVE price action shows a rounding bottom reversal from the psychological mark of $50. This accounts for a 50% jump in the early days of July and brings the falling wedge breakout. However, the market price shows a potential cup and handle forming as the prices retrace from the 50-day SMA to take support at the $70 mark. Source- Tradingview AAVE Technical Analysis AAVE price action shows a potential morning star pattern forming at the support level of $70, which attempts to complete the handle portion of the bullish pattern. Hence traders can expect the bullish reversal rally to challenge the 50day SMA with a jump of 16%. The MACD indicator shows the fast and slow line slowing below the zero line leading to a lateral trend, increasing the bearish crossover possibility. In addition, the declining trend in the histograms backs the bearish crossover possibility, but a positive bullish pattern breakout will avoid any such events. The RSI indicator shows a sudden drop in the underlying bullishness ...