Connect with us
Active Currencies 14309
Market Cap $2,526,281,184,297.30
Bitcoin Share 51.77%
24h Market Cap Change $0.44

AAVE bulls to target $83 next?

2min Read

AAVE sustained its bullish trend on the lower timeframes with a successful defense of the $69.3 support level.

AAVE bulls to target $83 next?

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Defense of the $69.3 support level could spur more gains for bulls.
  • CMF indicator highlighted a significant rise in capital inflows.

AAVE continued to build on its bullish trend on the lower timeframes. Despite the pullback occasioned by Bitcoin [BTC] dipping below $31k, AAVE sustained its bullish gains with a successful defense of the $69.3 support level.


Realistic or not, here’s AAVE’s market cap in BTC terms


This kept the altcoin on an uptrend with bulls preparing another approach for the $83.6 resistance level. The current evidence showed that further gains were possible. The indicators highlighted demand behind AAVE, and momentum was bullish on the four-hour timeframe as well.

Bulls display buying strength to sustain uptrend

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

Source: AAVE/USDT on Trading View

A recent price report highlighted the remarkable gains registered by AAVE at the end of Q2 that reversed its bearish momentum. While bulls reveled in the gains that led to the capture of the $69.3 support level, the correction in the crypto market between 5 July and 10 July saw AAVE test the new support level twice in quick succession.

However, the buying pressure was sufficient for a bullish rally on both occasions. The recent rally from the $69.3 support level resulted in 10.2% gains for buyers.

The Relative Strength Indicator highlighted the strong buying pressure, as it edged toward the overbought zone with a reading of 65. Significant capital inflows over the past 24 hours saw the Chaikin Money Flow flip from negative to positive. It stood at +0.20 as of press time.

The price action and indicator readings showed a strong bullish intent. If bulls cross the hurdle at the $80 psychological level, they could easily flip the $83.6 to support. However, if Bitcoin dips any further, bears could capitalize to force a retest of the $69.3 support.

On-chain metrics hinted at good profits for buyers

Source: Santiment


Is your portfolio green? Check out the AAVE Profit Calculator


The Market Value to Realized Value ratio is useful for showing the average profit/loss of all circulating coins, according to the current price of the token. Data from Santiment showed a positive MVRV ratio of 12.87% highlighting the unrealized profits being held by AAVE buyers at the moment.

With the supply on exchanges falling significantly, it showed that bulls were prepared to push on for more gains in the short term.

Share

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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.