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Aave market seller momentum increases
Aave (AAVE) Price Analysis – November 30
The upward momentum could push the Aave price above $65, further bullish moves are expected to challenge the $77 resistance level and expose resistance at $94. Additionally, the key supports are located at $56, $47, and $35.
AAVE/USD Markets
Key Levels:
Resistance Levels: $65, $77, $94
Support Levels: $56, $47, $35
AAVEUSD long-term trend: Bullish
Aave is showing a bullish trend on the daily chart. The bear market that started on August 17th took the price down to the low support level of $56. The bearish momentum weakened, which made it difficult for the price to break through this support level. Buyers also found it difficult to break through the resistance level of $65, and therefore, the price fluctuated between $65 and $56 last week. Today, it seems that the bulls are gaining strength and the price is gradually rising.
The daily chart shows that buyers are gaining momentum in the Aave market. The price is trading above the 9-period EMA and the 21-period EMA. The upward momentum could push the price above $65. Further bullish moves are expected to challenge the $77 resistance level and expose the $94 resistance level. Additionally, the key supports are located at $56, $47, and $35. The Relative Strength Index (14) has risen to 48 levels, indicating an uptrend.
AAVEUSD medium-term trend: Bullish
Aave has been in a bear market for more than two weeks on the 4-hour chart. This could be due to weak buyer momentum. The price is range-bound between $65 and $56. Currently, the bulls are attempting to break out of the $65 resistance level. Failure to break out of the resistance level might result in further ranging fluctuations.
The price is trading above the 9-period EMA and the 21-period EMA, indicating that bulls are ready to take over the market. The RSI period (14) is rising at the 63 level, indicating a buy signal.
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