AAVE May Experience a Bullish Reversal at $56 Level

Sellers’ momentum is increasing in Aave market

Aave (AAVE) Price Analysis – 30 November

An upward movement may move the Aave above $65, and a further bullish movement is expected to the resistance level of $77 which will expose the coin to the resistance level of $94. Alternatively, the key support levels to watch out for lie at $56, $47, and $35

AAVE/USD Market

Key Levels:

Resistance levels: $65, $77, $94

Support levels: $56, $47, $35

AAVEUSD Long-term Trend: Bullish

Aave is bullish in the daily chart.  The bearish movement that commenced on 17 August landed the price at the low level of $56 support level. The bears lose their momentum and this makes it difficult to break down the mentioned support level. The buyers equally find it difficult to break up the resistance level of $65, thus, the price was consolidating within the $65 and $56 levels last week. Today it seems the bulls are gaining more strength and the price is increasing gradually.

The daily chart has shown that buyers are gaining momentum in the Aave market. The price is trading above the 9-periods EMA and 21-periods EMA. An upward movement may move the price above $65, and a further bullish movement is expected to the resistance level of $77 which will expose the coin to the resistance level of $94. Alternatively, the key support levels to watch out for lie at $56, $47, and $35. Relative Strength Index (14) is moving up at 48 levels, indicating an upward trend.

AAVEUSD Medium-term Trend: Bullish

Aave’s performance has been bearish in the 4-hour chart for more than two weeks. This may be due to weak bullish momentum. The price carried out a ranging movement between $65 and $56 levels. At the moment, bulls are trying to break up the $65 resistance level. The inability to break up the resistance level mentioned may lead to further ranging movement.

The price is trading above 9-periods EMA and 21-periods EMA as an indication that the bulls are preparing to take over the market. The Relative Strength Index period (14) is bending up at 63 levels to indicate the buy signal. Aave has nothing to do with a sustainable environment but IMPT token supports a sustainable environment.

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