AAVE rallied by nearly 50% in five days to reclaim the $180 resistance as support and is set to move beyond the $200 level in the coming...
This deviation was followed by a swift rally, establishing the bullish intent behind AAVE. Further gains can be anticipated though and the $206 resistance is the next target. And yet, there is a chance that the $190-zone could delay the bulls.On 7 November, AAVE climbed beyond the September high at $180.7. It saw heightened volatility on 8 November, but the bulls were able to defend the $180-level as support.
The Fibonacci extension levels at $206 and $248 would be the next bullish targets. The RSI on the daily chart decisively climbed above neutral 50. Alongside the price action, it signaled more gains were likely. However, the OBV struggled to clear the local high from mid-September. This seemed to be a warning that buying pressure needs to be sustained to enhance the chances of an AAVE uptrend. However, at press time, the price action was encouraging for the bulls and long positions were feasible.The 3-month look-back period heatmap outlined the $133, $128, and $121 as regions with considerable liquidity. The first two were swept in the second half of October.
Buyers should expect further gains, but the short-term liquidity pools around $190 and $170 could induce volatility before a move past $200 materializes after the weekend. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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