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Price action in the AAVEUSDT market has started an upside correction over several sessions. Today’s trading activity has stayed under the control of bulls. However, the perceived upside correction seems to be facing a challenge at the moment. Let’s see what may occur soon in this market.
Aave Statistics:
Current AAVE Value: $95
Aave Market Cap: $1,402,476,085
AAVE Circulating Supply: 14,862,573
Aave Total Supply: 16,000,000
AAVE CoinMarketCap Rank: 60
Key Price Levels:
Resistance: $100, $120, and $140
Support: $90, $80, and $70
AAVEUSDT Market Is Sticking to Its Bullish Path
Ever since price activity in the Aave market took off from the support at the $80 mark, it has progressed upwards. The upward rebound was initially strong for two sessions but soon cooled over subsequent trading sessions. Today has managed to keep price movement on an upside trajectory, as indicated by the appearance of the last price candle.
However, the last price candle can be seen keeping the price of this token just below the converged lines of the 100- and 200-day Exponential Moving Average (EMA) lines. This seems to present a strong resistance to price movement. On the contrary, we can see that the Moving Average Convergence Divergence (MACD) lines are still rising towards the equilibrium level. The MACD shows that upside forces are still viable.
Aave Downward Forces Threaten Upside Corrections
The AAVEUSDT 4-hour market has revealed that downward forces pose a significant threat to further upside corrections. Here we can see that the market has corrected downwards minimally for two sessions. However, the current sessions have shown that upside forces are presenting some resistance to downward forces as well.
Also, the fact that the resistance has been staged above the EMA lines shows that bulls in this market have a fighting chance. Meanwhile, the MACD lines are above the equilibrium level but seem directionless. Technically, this offers no impetus to the market at this point. Nevertheless, traders may choose to rely on the overall trend by using crypto signals aiming at the $100 mark as a target for short-term gains.
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