AAVE (AAVE) Price Prediction: Double Bottom Reversal Eyes the $200 Milestone

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.

AAVE Price Analysis: Key Takeaways

AAVE price begins a recovery rally from the $118 support level.

After a 17% pullback from $144, a double bottom reversal is forming.

The breakout of 23.60% Fib level at $134 opens up potential targets at $155, $183, and $207 by September.

AAVE price is showing signs of recovery after bouncing off a crucial support level. The DeFi token’s price action reveals a pullback phase concluding at $118, a 17% drop from $144 within a week. However, the downtrend encountered a shift as the underlying demand acted as a cushion.

AAVE’s price pulled back after failing to continue its uptrend above the $144 resistance level. The pullback began on August 29th and lasted for about a week. During this time, AAVE’s price fell by 17% to reach the $118 support level.

AAVE Price Now In 4-HR Chart

4-hour AAVE price chartNow, on the 4-hour time frame, the AAVE price action showcases a crucial technical development. As the pullback concludes, a double-bottom reversal is forming within the consolidation range. The bullish engulfing candle in the daily chart confirms a strong reversal, 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.

Moreover, the technical indicators also support the bullish scenario for AAVE. 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.

Meanwhile, the 200 and 50 EMA in the 4-hour chart act as the boundaries of the consolidation range. A breakout on either side will determine the next phase of AAVE.

AAVE Price To Hit $200?

4-hour AAVE price chartAs the AAVE price challenges the 23.60% Fib level at $134, 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.

On the other hand, a downfall under $118 will test the $100 psychological mark.

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