Altfins, a platform that allows you to screen, analyze, and trade altcoins, shared an analysis of AAVE’s recent price movement. The token’s price is moving in a defined channel-up pattern, indicating that a price surge is near.
However, this rise is driven by its strong technical indicators, with AAVE breaking above the $100 resistance zone and signaling continued bullish momentum.
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AAVE Chart Analysis: Breakout Above Critical Resistance
According to the analysis, the AAVE price broke above the $100-$110 resistance zone, which had previously been a challenging barrier. This breakout signals a strong continuation of the uptrend, setting the stage for further price gains.
Image Source: Altfins
With the AAVE’s current pattern, its price is expected to continue rising, with a potential target of $175, a key resistance zone. The current short-, medium-, and long-term trends for AAVE all point to a strong upward momentum, making it an attractive option for traders.
However, the analysis notes a potential stop-loss level of $127, which traders may consider when managing risk.
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Show more +Show less – Channel Up Pattern in Focus
As AAVE’s price continues to be in the channel-up pattern, a technical structure indicating a series of higher highs and higher lows. This pattern suggests that the price will likely continue fluctuating within the channel’s trendlines.
Moreover, a break above the upper trendline could see the price testing the $175 resistance level shortly, while a drop below the lower trendline might indicate a reversal.
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AAVE’s Momentum and Support Levels
Momentum indicators for AAVE remain neutral, with the RSI-14 (Relative Strength Index) showing the token as neither overbought nor oversold. This provides additional confidence to traders, as it suggests there is room for further price movement without immediate concerns of a reversal due to overextension.
Furthermore, AAVE’s nearest support level is set at $130, with the next key level at $118. These levels offer traders key zones to monitor in case of price pullbacks, while the nearest resistance is pegged at $154, followed by $175.
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The post Here’s Why AAVE Price is Rising: Key Levels and Channel Up Pattern Explained appeared first on CaptainAltcoin.
