In the latest trading sessions, the price of Aave (AAVE) was able to experience an uptrend. Prior to the rally, the trading price of the asset was below the $50 level, considered psychological support.
Aave was pushed over the Psychological Mark
As the price of AAVE fell below the $50 mark, the buyerstriggera strong buying counter to push its price higher.
They launched their strong buying rally and were able to push AAVE over the psychological support level. The trading price of AAVE not only surged over the $50 mark but also went up to hit another high mark.
The bulls successfully pushed the trading price of AAVE over the $63 mark, which is the 20-day EMA. With the price of AAVE currently over the 20-day EMA, they are attempting to increase their strength.
They want to push the price of AAVE enough so they can convert the 20-day EMA to a strong support level. This way, the bulls will be able to protect the particular level with a lot of strength.
For now, the bulls need confidence and assurance that they will be able to keep the trend running.
The other investors following AAVE’s bullish movement would want to see more from the asset before they also start investing in it.
If that happens and the bulls are able to make the 20-day EMA their strong support level, then the neutrals will have the assurance to push forward.
Then the neutral investors will also join the trend and the price of the asset may continue surging to a higher level.
Bears are Defending $68 Mark
The technical analysis suggests that the bears are currently trying to defend the $68 mark. On the Fibonacci graph, it is considered the 32.8% retracement level.
This indicates that the bulls will be facing a huge challenge from the bears at the particular level. They will start feeling the pressure as the price of AAVE nears the $68 mark.
Bulls have Strong Sentiments
Despite the $68 level being a strong resistance mark, the bulls are not ready to abandon the rally. They may continue pushing the price of AAVE higher and may attempt to take out the bears to hit $68.
Given the current situation, the bulls may be able to push the trading price of AAVE to a higher level.
After a very long selling spree, the bears seem to have lost their confidence and may also be losing their energy. This could mean that the bulls will be able to run the trend as per their intentions.
For now, the bulls have very high sentiments and they may continue pushing AAVE’s price higher. If the trend continues, then the trading price of AAVE may successfully cross the $70 mark.
Going forward, the buying sentiments of the bulls may grow even more bullish. With more investors joining their side, they will have a higher chance of pushing the trading price of AAVE to a high of $80.