Despite the recent bearish price action in the crypto market, AAVE has defied the trend and continued to trade under a bullish sentiment, signaling positive prospects for the altcoin in the cryptocurrency space.
Interestingly, these altcoins have exhibited a strong bullish sentiment in recent days, propelling AAVE to the 47th position on the global crypto list with a market capitalization of $1.614 billion and a 24-hour trading volume of $213.616 million.
In this article, we will delve into the market sentiments, price action, and potential short-term price targets for the Aave (AAVE) crypto token.
Aave Crypto Price Witnesses Increased Bullish Action:
Surging over 8% in the last 24 hours, Aave continues to trade under a bullish sentiment. Notably, the altcoin has seen a 16% increase over the past week, indicating growing investor interest. Moreover, the formation of an ascending channel pattern suggests a positive outlook.
![\"AAVE](\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdyV1eWXL_EkGvaqko_vMLd1xbNwHHB8RJBFZJzT3hGT1PmqWD6nMcO6VmJ6-2-i_MQkQn0T2FOvB4CFlMLsYAkJvsTOXPrRZyudw28wEjU_dAmWGTgLPfe8fVDpuksL79lqxcH8I_z2K9X9y1ERGBQmM9E?key=sVNmzFlFdqO16bVHRrmvkg\")
The Moving Average Convergence Divergence (MACD) indicates a steady increase in the green histogram, suggesting a bullish convergence and a rise in buying pressure for AAVE within the crypto space.
Additionally, the EMA 50/200-day signals bullish momentum, hinting at further price appreciation for the Aave coin in the near future.
Can AAVE Price Make a Comeback?
If AAVE manages to hold above its support level of $105.50, the bulls are likely to target the resistance level of $118.50. Sustaining this level could pave the way for Aave to reach its previous high of $131.
On the flip side, if bearish pressure intensifies, the altcoin could retreat towards its support level of $93.75 in the coming weeks.
