Will the AAVE Price Break Free from the Range? 🚀

AAVE has been on a steep upward trend, defying frequent bearish pressure. After enduring significant selling pressure earlier this month, AAVE triggered a strong ascent, reaching the crucial resistance zone between $104.64 and $106.26. But with bears re-entering the market, the big question is: Can AAVE stay within this range and break above it?

As seen in the chart, AAVE has been trading within a rising parallel channel, recently surging above the key 200-day MA at $99.53. This level is critical as it opens the door to testing the upper resistance of the channel near $120. However, despite a recent bullish crossover, the DMI remains neutral, hinting at a possible bearish pullback.

If AAVE can hold within the current resistance zone or maintain its position above the 200-day MA, it could continue its bullish momentum. But if the price drops below $99.5, the bullish outlook might be put on hold for a few days. The next few hours are crucial, as restricted selling volume keeps the door open for a push towards $120 in the near future. Keep a close watch!

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