The post This Altcoin Reclaims a 3-Digit Figure—Will it Trigger a 10% Rise to Squash the Bearish Impact? appeared first on Coinpedia Fintech News
The crypto markets have again faced fresh bearish action, even though the CPI rates came out below expectations. The historical pattern has largely changed since the inclusion of institutions into the crypto markets. Regardless of this, some of the altcoins continue to hold onto the previous market dynamics, Aave being one of them. The AAVE price has maintained a healthy, ascending trend, forming constant higer highs and lows.
The AAVE price has been maintaining a steep ascending trend, regardless of the frequent bearish interference. After withstanding immense selling pressure in the first few days of the month, the token triggered a strong ascending trend and entered the pivotal resistance zone between $104.64 and $106.26. However, the bears have begun their activity, intending to drag the levels below the range.
Will the AAVE price manage to stay within the range and breach above the range?
As observed in the above chart, the AAVE price has been trading within a rising parallel channel and has just surged above the pivotal 200-day MA at $99.53. These levels are considered to be pretty important as they elevate the possibility of testing the upper resistance of the channel, which is close to $120. However, the DMI remains neutral despite having undergone a bullish crossover, which signals the possibility of a bearish pullback.
In such a case, the AAVE price may remain under bullish influence until it sustains within the gained resistance zone or else hold the 200-day MA if bears exert some pressure. Therefore, the next few hours may be pretty important for the rally, as a drop below $99.5 may invalidate the bullish possibility for some days. However, the selling volume remains restricted within a range, which has kept up the bullish hopes to achieve the upper resistance close to $120 in the coming days.