AAVE Price Prediction: Bulls Target $200 as AAVE Rebounds From $118

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.

Technical Analysis: AAVE Price Set For Bullish Double Bottom Reversal From $118 Support, Eyeing Targets At $155, $183, And $207 As Indicated By Fib Levels. AAVE Price Analysis: Key Points

AAVE price shows a bullish double bottom reversal from the $118 support, eyeing targets at $155, $183, and $207.

Technical indicators like RSI and EMA trends suggest sustained upward momentum, potentially surpassing $200 by September end.

As the broader market shows a glimmer of recovery hope, AAVE price 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

On the 4-hour price 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.

After hitting the $118 support, the AAVE price 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%. Despite hitting a crucial support level, the AAVE price shows a minimal rise, indicating 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.

The above is the detailed content of AAVE Price Prediction: Bulls Target $200 as AAVE Rebounds From $118. For more information, please follow other related articles on the PHP Chinese website!