The post AAVE Price Analysis: Can It Break $200 in September After Recent Rally? appeared first on Coinpedia Fintech News
Amid a glimmer of recovery hope market-wide, AAVE takes off from the $118 support level. With a streak of bullish candles, the DeFi token shows a bullish reversal in motion.
As the bulls remain dominant above the $100 psychological mark, a reversal rally after a healthy pullback eyes the $200 mark. Will AAVE hit the milestone before September ends?
Double Bottom Reversal For AAVE
In the 4-hour chart, the AAVE price action reveals a pullback phase concluding at $118. The pullback accounts for a 17% drop from $144 within a week. However, the downfall takes a lateral shift as the underlying demand acts as a cushion.
Further, the DeFi token shows a bullish revival with a double-bottom reversal within the consolidation range. The ongoing recovery run created a bullish engulfing candle in the daily chart, with a 6.61% jump yesterday.
Currently, the AAVE price trades at $131.88 with an intraday growth of 0.46%, reflecting a struggle to keep the momentum going. However, amid the broader recovery, the uptrend in the DeFi tokens is likely to continue.
Technical Indicators:
RSI: The 4-hour RSI line shows a bullish divergence with a bull cycle rising out of a sideways range. As it surpasses the halfway line, the bullish side shows a stronger approach.
EMA: The sideways shift in the 200 and 50 EMA in the 4-hour chart act as the boundaries of the consolidation range. A breakout of either side will determine the next phase of AAVE.
Will AAVE Price Hit $200?
Based on the trend-based Fibonacci levels, the AAVE price is challenging the 23.60% level at $134. As the overhead supply puts a barrier, a breakout run will unleash the trend momentum.
The upside targets in September for AAVE are at $155, $183, and $207, based on the 50%, 78.60%, and 100% Fib levels, respectively. Conversely, a downfall under $118 will test the $100 psychological mark.