AAVE/USDT Explodes, Reaches for the $400 Threshold Level

Prices in the AAVE/USDT daily market saw a massive new price surge. This brought the token to the second spot on the daily crypto mover’s list as it printed a gain of 18% in today’s trading activity. Yet the price action of this coin stays above multiple technical landmarks, which aligns with the expectation of further price increases. Let’s take a closer look at the market below.

Aave Statistics:

Aave Price: $354

AAVE Market Capitalization: $5.3B

AAVE Circulating Supply: 15.01M

Aave Total Supply: 16M

AAVE CoinMarketCap Rank: 30

Key Price Levels:

Resistance: $400, $450, $500

Support: $350, $300, $250

AAVE/USDT Bulls Are Furious

The Aave daily market has seen a massive price increase not seen in recent times. The last price candle on this price chart can be seen breaking through the $340 level and now closing in on the $360. As a result, price action stays above all the Moving Average (MA) lines.

Likewise, the Stochastic Relative Strength Index (RSI) delivered a bullish crossover above the 60 mark. The ongoing session is testing the $360 psychological price level as resistance, while technical indicators remain positively biased towards additional price increases.

Aave Buyers Stay on Top

In the AAVE/USDT 4-hour market, upside forces are still ahead in the current session. Here, the last price candle can be seen retaining a green appearance. This marks the third straight session where the Bulls have maintained the lead. Meanwhile, the Stochastic RSI is still progressing upward.

However, it’s worth noting that the lines of this indicator are already in the overbought region. Also, the last price candle on the chart has an upper shadow that is longer than the one below. Consequently, this hints that the market may retrace downward a bit given the overbought condition on the RSI. Therefore, the market may regress toward the $350 price level before breaking the $360 resistance.

Start using a world-class auto trading solution.