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The AAVE/USDT daily market recently experienced a sharp but minor downward retracement for two consecutive sessions. However, as of the time of writing, the token has posted a notable recovery today, appearing as the second most gainful token on the daily crypto movers list. This market still has the potential to move further upward. Let’s take a closer look at the market below.
Aave Statistics
Current Price: $238.21
Market Capitalization: $482.05M
Circulating Supply: 15.11M
Total Supply: 16M
CoinMarketCap Rank: 31
Key Price Levels
Resistance: $240, $270, $300
Support: $230, $210, $190
Aave Retains an Upward Path
The AAVE/USDT market has generally remained on an upward path. The market has been rebounding from one level to another. Price activity encountered resistance above, leading to a downward movement over the past two sessions. However, the current session has posted enough gains to recover from the previous decline.
The Bollinger Bands applied to the token’s daily chart are tilted upward. Meanwhile, the Moving Average Convergence Divergence (MACD) lines remain above the equilibrium level. Although the MACD bars are still above equilibrium, the recent bars have turned pale green, suggesting a possible reduction in upside momentum.
AAVE/USDT Upward Correction Persists
Price action on the AAVE 4-hour chart appears ready to continue heading north. We can observe that the price is beginning to push toward the upper band of the Bollinger Bands. Additionally, the current session remains in the green, albeit with a small candle body.
The Bollinger Bands have been contracting over the past few sessions, and further contraction seems likely. At the same time, the MACD indicator has just delivered an upward crossover above the equilibrium level. These technical indications are aligning to suggest that the market may experience a strong upward correction soon. As a result, price action in this market could breach the $250 level.
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