AAVEUSDT Hits a Rejection Near $154.00 Threshold

The AAVEUSDT market has been performing fairly well based on its price activity. Despite this, the token faced a rejection in today’s trading activity. Nevertheless, upside forces seem to maintain control of price movement in the market.

Aave Statistics:
Current AAVE Price: $149.77
AAVE Market Cap: $2,250,605,405
Aave Circulating Supply: 14,929,572
AAVE Total Supply: 16,000,000
Aave CoinMarketCap Rank: 35

Key Price Levels:
Resistance: $155.00, $160.00, $165.00
Support: $150.00, $145.00, $140.00

AAVEUSDT Price Action Stays Bullishly Biased

AAVEUSDT price activity has been making higher highs for about two months. Also, price volatility has been healthy enough to rapidly propel the market through more elevated price levels. The market witnessed strong bullish activity over the past two sessions, which pushed its price to a multi-month high.

At this point, the market has experienced what may be termed a minor retracement, as trading activity continues above all the Guppy Multiple Moving Average (GMMA) lines. Additionally, the Stochastic Relative Strength Index (Stochastic RSI) lines are still rising without reflecting any deflection.

Aave Bulls May Relent

Zooming in further on the AAVEUSDT market, price activity may descend lower. The last price candle placed the market below one green GMMA line. Simultaneously, the Stochastic RSI indicator lines have shown a bearish crossover in the overbought region. However, the lines of this indicator remain above the 80 mark on the Stochastic RSI indicator.

Should bearish sentiment persist, this will push the market below more GMMA lines, further strengthening the bears. However, traders may still use bullish crypto signals, as bulls have enough recovery time to regain control by staging a rebound above the $146.00 price level and refocusing the $154.00 threshold. Otherwise, the market may plunge lower.

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