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Technical Analysis for AAVUSD for 12th August 2022

AAVE Surges 130% from 2022 Lows, Prices May Retest $120

Past Performance of AAVE

Despite price stagnation yesterday, buyers remain in control. AAVE has more than doubled, rising from 2022 pits in the past two months. As of August 12, the token is roughly up 130 percent from June 2022 lows and capped within a rising channel. Per the formation in the daily chart, there could be entries on every retracement within the wide-ranging bull bar of August 10 that anchors the current price action.

AAVE Technical Analysis

The 11-day, $10 consolidation between July 29 and August 9 proved to be an accumulation following the eruption higher above the $110 resistance on August 10. While prices consolidated on August 11 in lower time frames, buyers are currently in control as per the formation in the daily chart. From volume analysis, AAVE is bullish above $90 and the middle BB. Any drop within the August 10 bar may offer an opportunity for aggressive buyers to buy. However, conservative traders may wait for prices to float to new H2 2022 highs above $115 to load the dips. The immediate target is at $120, a retest of Q1 2022 lows.

What to Expect from AAVE

Traders are confident, and AAVE could be in for even more gains ahead should prices break $115 in the next few trading sessions. At spot rates, support is marked at $90 and the middle BB.

Resistance level to watch: $115

Support level to watch: $90

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

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