Ready with a range breakout, AAVE ignites a bull run with the potential to reach the $150 psychological milestone. Will the uptrend in AAVE survive the broader market correction phase or drop under $100?
Amidst the growingly bearish crypto market, altcoins are struggling to continue their bullish growth. With many under intense correction, AAVE starts a resilient bullish reversal after an overnight fall.
With a bullish reversal teasing a recovery rally starting with an intraday growth today, AAVE eyes $150 this month. So, let’s take a closer look at our AAVE price analysis to find the chances of a 50% bull run.
Range Breakout for AAVE Reclaims $100
In the 1D chart, the AAVE price trend shows a bullish cycle starting from $78, accounting for a 38% surge in the last four weeks. With a higher low formation, AAVE reclaims the psychological mark of $100 and the previous peak at $108.
Concluding the sideways shift after the 35% drop in April, the ongoing recovery marks a consolidation range breakout. Surpassing the overhead ceiling at $110, AAVE takes a retest of the bullish break with an overnight drop of 5.45%.
Currently, AAVE trades at a price of $112.48; the buyers are making a comeback, signalling a post-retest reversal.
With a bullish trend in motion, the rising MACD and signal lines with positive histograms bolster the uptrend chances. Further, the daily RSI line close to the overbought boundary reflects a similar possibility.
As per the Fibonacci retracement levels, the 50% Fibonacci breakout teases a bull run ahead to the 100% Fib level at $142. Optimistically, a push from the broader market recovery could pump the BTC price beyond $150.
Will a Market Crash Plunge AAVE Under $100?
As per the Elliot Waves in the 4H chart, the impulse wave in AAVE completes at $116 and enters an ABC correction wave. Currently, the ABC pattern hints at a retest of the crucial $100 psychological mark.
However, a supply pressure surge will melt down the AAVE market price under $100 to the next support level at $95 or $90. On the positive side, the trend-based Fibonacci level in the 4H chart shines a light on a potential target level of $149.79 with the 1.618 level.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
