AAVE/USDT Clinches Modest Gains

The AAVE coin has seen some impressive recovery today. Consequently, the token has climbed to the second spot on the top crypto movers list. The coin recorded a price growth of 5.46%, and the market base suggests the possibility of a continued upward movement.

Aave Market Statistics

Current Price: $328.01

Market Capitalization: $4.98B

Circulating Supply: 15.21M

Total Supply: 16M

CoinMarketCap Rank: 28

Key Price Levels

Resistance: $350, $375, $400

Support: $325, $300, $275

AAVE/USDT Leaps Off a Good Base

The ongoing session on the Aave daily chart is bullish and positioned above a psychological support level at the middle band of the Bollinger Bands (BB) indicator. In addition, the BB indicator itself is displaying an upward trajectory.

Upon inspection, it is also visible that the extreme bands of the BB indicator are beginning to converge, suggesting a possible contraction. On the other hand, the lines of the Stochastic Relative Strength Index (SRSI) indicator are descending toward the oversold zone. Nevertheless, traders may consider leaning on the appearance of the current bullish session and the supportive base provided by the BB indicator.

Aave Upside Movement Faces an Uphill Task

Extending the AAVEUSDT analysis to shorter time frames such as the 4-hour chart, the nature of the observed upward rebound on the daily chart becomes clearer. Price action has been rebounding upward over the past two sessions.

Meanwhile, the SRSI indicator lines are still rising steadily from the oversold region. However, since price activity remains below the middle band of the BB indicator, the scope of upward movement appears limited. Consequently, traders may only target the $350 price level in the near term.

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