The AAVE price action showcases a bullish reversal gaining trend momentum and preparing the cross above the psychological mark of $100. Key Technical Points: The AAVE prices jumped by 14% in the last 24 hours. The price action showcases a rising channel pattern in the daily chart The 24-hour trading volume of AAVE is $319 million, indicating a drop of 108%. Past Performance of AAVE As teased in our previous article, the AAVE prices gave a bullish breakout of the “Cup and Handle” pattern in the daily chart to beat the 50-day SMA. The breakout rally challenges the 100-SMA and forms a rising channel pattern. Additionally, the bull run accounts for a 76 percent jump in the market value over the last month. Source – Tradingview AAVE Technical Analysis The recent reversal from the support trendline propels the AAVE market value by 14 percent overnight. The price jump comes with the improvement in the overall market sentiments and with Bitcoin rising above the $23K mark. Currently, the market price resonates within the 100 and 50-day SMAs, projecting a consolidation range within the rising channel pattern. However, the recent rejection from the 100-day SMA warns of a bearish continuation to reach the support trendline. The Bearish divergence within the RSI slope at the last two encounters at the 100-Day SMA project a possibility of downtrend continuation. Moreover, the MACD and signal lines struggle to recover the positive alignment ...
