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Technical Analysis for AAVEUSD for 10th January 2023

AAVE Bounces from June 2022 Lows, Adding 19%

Past Performance of AAVE

AAVE is bottoming up, per the formation in the daily chart, adding 19 percent. The token has posted gains for two straight days, suggesting strength. However, whether the uptrend continues depends on whether AAVE buyers will clear the immediate resistance levels, anchored from support at around $51.

AAVE Technical Analysis

The token has support at $51 on the lower end and $67. The resistance line also marks the peak of December 2022. Presently, the AAVE bull bars are banding along the upper BB, suggesting interest from buyers. Besides, there are two strong bull bars that are wide-ranging with decent trading volumes above the middle BB. The former support, now resistance, marks an important level for AAVE. As long as the coin is above the middle BB and $55, AAVE could easily float to $67, an opportunity for optimistic bulls. However, it is after sharp gains above December highs is when traders can load the dips, targeting $98 or November high.

What to Expect from AAVE

AAVE traders are confident, but their confidence could only mean strength if bulls can soak in all attempts for lower lows. The immediate support is between $51 and $55.

Resistance level to watch: $67

Support level to watch: $51

Disclaimer: Opinions expressed are not investment advice. Do your research.

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