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Analysis

AAVE breaks above $61: Can buyers extend gains?

2min Read

AAVE continued its strong bullish rebound with 8.5% gains over the past day, taking it above the $61 resistance level.
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • AAVE continued its strong bullish streak with 8.5% gains in the last 24 hours.
  • Buyers bidding actively for further gains with a 52.27% share of the long/short positions. 

Aave [AAVE] continued its strong bullish rebound with 8.5% gains over the past day. Earlier, the retest of the bullish order block (OB) on 12 September sparked an 18% rally that took AAVE to the $61 resistance.

How much are 1,10,100 AAVEs worth today?

These recent gains broke the selling pressure at the $61 level, as buyers look to reach $70. With Bitcoin [BTC] surging to the $27k price zone, AAVE could present bulls with more buying opportunities.

Strong bullish momentum on the daily timeframe

AAVE price chart on dark background with green and red price bars

Source: AAVE/USDT on Trading View

A recent price review on AAVE highlighted a price rally opportunity for bulls at the confluence of the $50 psychological level and bullish OB. This opportunity was fully maximized by bulls with the daily timeframe showing the strong bullish momentum.

The buying pressure was evident with the Relative Strength Index (RSI) climbing swiftly to 65. The On-Balance Volume (OBV) also continued its uptrend with an increase of 500k in its trading volume over the past day.

After successfully flipping the $61 price level to support, buyers can target the $65 to $67.5 price levels as short-term targets.

Meanwhile, sellers retained an active presence on the lower timeframes. Ergo, the next resistance level at $69 could offer an opportunity for shorting gains.

Buyers dominated the futures market

Source: Coinglass

The four-hour data from Coinglass showed that longs held a growing share of the AAVE long/short positions. As of press time, longs had a 52.27% share of the open contracts amounting to $17.96 million.

Read Aave’s [AAVE] Price Prediction 2023-24

This represented a significant advantage for bulls to extend the buying streak and possibly flip AAVE’s market structure bullish in the long term.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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