AAVE/USD May Attract More Buyers

AAVE/USD is already aiming to gain more upside traction as the last price candle on its daily chat seems to be already testing a key price level. Taking a close look at this market, there are indications that price may gather more upside momentum to rise higher.

AAVE Analysis Data
Aave Value Now: $66.14
Aave Market Cap: $949,444,255
AAVE Moving Supply: 14,393,301.37
Aave Total Supply: 16,000,000
AAVE CoinMarketCap Ranking: 48

Major Price Levels:
Top: $66.14, $67.10, and $68.12
Base: $66.00, $65.00, and $64.00

AAVE/USD Ramps Towards the 68.00 Price Level

In recent times, price action in the AAVE/USD has remained consistently under the control of downward forces. As a result, price action seems glued to the lower limit of the Bollinger Bands. However, the recent trading sessions have brought some upside momentum to this market, and this has brought a change to price action in this market. The last price candle in this market is already testing the resistance created by the middle limit of the Bollinger Bands. At the same time, the curves of the Relative Strength Index (RSI) indicator are rising rapidly toward the overbought region. The behavior of the RSI suggests that the momentum of price action may be considered strong.

Aave Price Action Shows Readiness to Keep Retracing Higher Price Levels

On the AAVE/USD 4-hour market, price action had hit the uppermost limit of the Bollinger Bands indicator, and a minor downward retracement had occurred in the previous session. However, the current session seems to have strengthened hopes of an upside continuation move. The latest price candle here is a small-sized green price candle. Nevertheless, the Moving Average Convergence Divergence indicator is showing that upside momentum on this front is weakening. This can be observed via the bars of the indicator. The RSI curves also have a downward bearing following a crossover in the overbought region. Notwithstanding, the appearance of the last price candle suggests that more buyers may be joining the trend. Consequently, this may bring about a continued upside retracement towards the 67.00 price level.

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