AAVE Price Analysis: AAVE Breaks 3 Month Trend As Price Eyes New High

• AAVE price has been consolidating for nearly a month
• Price broke out of major resistance
• Bullish inverse head & shoulders pattern

AAVE has been in a sideways slumber the last 3 months with very little price movement. The bulls have managed to break out of this trading range as Ethereum continues to make all time highs. After rising nearly 600% in 2021, the consolation was much needed.

AAVE breaking and holding the important S/R zone of $428 has set the price free for a potential breach of ATH. The price has also managed to break a three month top trend line that has been keeping the price printing lower highs. If AAVE continues to hold these two important levels we can expect prices to reach $525+.

AAVE Price Analysis: AAVE/USDT 1 Day Chart

AAVE has printed an inverse head and shoulders pattern on the daily chart. This chart has broke the neckline of $428. If AAVE cannot continue to hold his neckline, price is in danger of falling to the 100MA. If this level fails to hold, the support range can relied upon to produce a bounce.

While looking at the RSI, we can conclude the strength was stuck under a resistance line of around 62. The strength managed to break this key level and is attempting to hold it. This is a bullish signal for the AAVE price. The Stochastic RSI has risen to overbought levels, as long as this strength stays above the overbought line, AAVE is in a good bullish state for a try at ATH.

AAVE intraday levels

• Spot rate: $500
• Trend: Bullish
• Volatility: High
• Support: $466
• Resistance: $523

   

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