Despite the crypto industry trading sideways, the AAVE price has recorded a jump of over 5% in valuation within the past 24 hours, resulting in it securing a spot in the top gainers list for the day.
The AAVE token price traded in a closed range between $99 and $104.32 for a brief period, following which the market gained momentum, resulting in the bulls breaking out of the range. The Aave price jumped over 27% in value before facing rejection at $125.77.
After this, the Aave price started trading under a bearish influence and recorded a correction of 13%. The price then traded in a consolidated range between $109.29 and $119.08 for about a week. The bulls made multiple attempts to hold the price above the support level of $109.29, but the bears overpowered the bulls, resulting in a price breakdown.
The AAVE token price experienced another loss of 13.06%, following which the price traded sideways in a closed range between $99 and $104.32 for a while. After testing its crucial support of $91.13, the bulls regained momentum and jumped over 30% in valuation.
Despite the AAVE token experiencing a Golden Cross, the price displayed a negative trend reversal and recorded a correction of approximately 17%. Recently, the bulls regained momentum and successfully broke out, but the rally was short-lived as the price faced rejection at $109.29.
Currently, the price is trading in a closed range between $104.32 and $109.29 and is predicted to undergo massive price action soon, of which the result is uncertain.
Will AAVE Price Regain Value?
The Relative Strength Index (RSI) displays a bearish curve in the chart, highlighting increased selling pressure in the market. Further, the averages show a neutral trend, suggesting uncertainty in the future price action of the AAVE price.
If the market holds the price above the support level of $104.32, the AAVE price will test its resistance level of $109.29 soon. Maintaining the price at that level will set the stage for the Aave token price to attempt to test its upper resistance level of $114 this week.
Negatively, if a trend reversal occurs, the bulls will lose their $100 mark and the price will fall to test its support level of $99. Moreover, if the bears continue to hold power, the price will further plunge and test its lower support level of $91.13 by the coming week.
