AAVE Price Analysis: Bullish Breakout Potential
AAVE is currently trading within a weekly accumulation range. A breakout and daily candle close above $115.6 could signal a bullish continuation, with the first target at $243, which is the first major resistance level. The weekly support level is at $83, and a break below this level could indicate a continuation of the downtrend.
Key Technical Indicators:
Moving Averages: The 50-day MA is above the 100-day MA, indicating a bullish trend.
Relative Strength Index (RSI): The RSI is above 50, indicating that AAVE is not overbought.
Stochastic Oscillator: The Stochastic Oscillator is above 80, indicating that AAVE is overbought and could be due for a pullback.
Trading Strategy:
Bullish Scenario: If AAVE breaks out and closes above $115.6, traders could look to enter a long position with a target of $243.
Bearish Scenario: If AAVE breaks below $83, traders could look to enter a short position with a target of $60.
Overall, AAVE is in a bullish trend and could continue to rise if it breaks out above $115.6. However, traders should be aware of the potential for a pullback if the RSI and Stochastic Oscillator readings indicate overbought conditions.
This is not financial advice. Always do your own research before making any trading decisions.
