Aave Price Analysis: $76.6 Breakout May Drive AAVE by 23%

The AAVE price takes a bullish turnaround from the bottom support level at the dollar $46 mark resulting in a rounding bottom reversal. Over the last week, the $40 percent growth completes the rounding bottom and results in a bullish breakout of the falling wedge pattern. Will this breakout rally surpass the overhead resistance at the $75 dollars mark to reach the dollar $92.5 milestone?

Key points:

• The AAVE price rally has surged 40% since last week
• The $76.6 breakout push the AAVE price 47% higher to the $ 9 mark
• The intraday trading volume in AAVE/USD is $134.3 Million, indicating a 15% gain

Source- Tradingview

On July 4th, the AAVE/USDT pair gave a bullish breakout from a three-month-old falling wedge pattern, signaling a potential recovery. The post-retest rally showcased aggressive buying and appreciated the altcoin by 25%.

The four consecutive green candles with increased volume activity reflected a high momentum rally, which pushed the AAVE price to $75.6. This resistance has prevented buyers from climbing higher over the last three weeks.

Furthermore, today, the AAVE price is 5.73% up and teases a bullish breakout from the mentioned resistance. If the coin price breached and showed sustainability above the $75.6 mark, the buyers may obtain this higher foothold and continue the bullish rally.

However, If the supply pressure at this resistance persists and the AAVE price gives a candle closing below the $75.6 mark, the traders may witness another pullback.

Technical indicator

The DI lines maintain a positive alignment after the recent crossover event, and the ADX line shows a bullish turnaround indicating an increase in the underlying momentum. Therefore the technical indicator maintains a bullish bias and forecasts a prolonged uptrend.

The reversal rally exceeds the 20 days EMA and prepares an attempt to surpass the 50 days EMA. The sudden bullish turnaround influences a bullisNess and 20-day EMA resulting in an upside reversal.

• Resistance levels: $92.8 and $108
• Support levels: $75 and $54.8