Aave (AAVE) has continued to interest crypto experts as it approaches a critical technical level. According to data from CoinGecko at press time, AAVE trades at $149.13.
This value reflects a slight 0.27% decline over the past day but a 14.10% increase over the last week. With the 200-week exponential moving average (EMA) looming, analysts have weighed in on the next potential move for the token.
AAVE’s Price Analysis
Altcoin Sherpa, a crypto expert, offered observations on AAVE’s price movement stressing the token’s proximity to the 200-week EMA. AAVE was trading about $153.72 at the time of his analysis, displaying strength but perhaps encountering opposition from a wick near the top of the price chart.
$AAVE still undeniably v strong but this is not the area to buy imo. Wick high + 200 W EMA. Would look for a minor dip at $135 to buy OR I would buy this a bit higher. This thing chopped for 2+ years, it looks ready pic.twitter.com/jvI1HtRJHA
— Altcoin Sherpa (@AltcoinSherpa) September 12, 2024
This wick, according to the analyst, could indicate short-term exhaustion for the token. Altcoin Sherpa pointed out that AAVE has been in a consolidation phase for over two years, as seen by the accumulation volume over 122 bars (approximately 854 days).
Moreover, he suggests that traders may want to consider a buy-in at $135 or wait for a confirmed breakout above the current resistance level. The consolidation and buildup suggest readiness for a major move, but caution is advised until clearer signals emerge.
AAVE’s Yearly Highs and Support Levels
Another crypto analyst, Daan Crypto Trades, also provided commentary on AAVE’s price action, noting that the token continues to make fresh yearly highs. However, AAVE recently faced rejection near the $154 mark.
$AAVE Still just minding its own business and making fresh cycle/yearly highs. Did reject for now.Hold above $154 and this should start accelerating quickly.Just needs $BTC to hold up. https://t.co/QbOiDm786P pic.twitter.com/NYI2029xY9
— Daan Crypto Trades (@DaanCrypto) September 11, 2024
Daan Crypto suggests that a hold above $154 could accelerate the price higher, contingent on Bitcoin’s stability, which often influences market-wide sentiment.
With the token’s recent price movements and key support around $154, the coming days will be critical for AAVE. Traders should monitor this level closely, as a sustained hold above $154 could potentially trigger more upward momentum.
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Market Performance and Technical Overview
In terms of broader market performance, AAVE’s daily trading volume stands at $438,941,860, a reflection of growing interest in the token despite minor price shifts. The long-term accumulation phase, as discussed by Altcoin Sherpa, aligns with the token’s readiness for a major breakout.
With AAVE trading near its 200-week EMA, technical signals are mixed. While there is evident strength in the token’s price action, key levels like $135 and $154 will determine whether AAVE can push higher or if it will see a temporary pullback.
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The post Elite Crypto Trader Says AAVE Price Is Strong, But Here’s Why It’s ‘Not a Buy’ appeared first on CaptainAltcoin.
