• AAVE’s bullish revival has seen the crypto lending token almost reverse all of its Q2 losses.
• Bulls rallied strongly with a significant bullish candle on 25 June, taking AAVE above the $61.4 and $69.3 resistance levels.
• With the crypto market enjoying a bullish revival, AAVE buyers will be moderately confident of registering more gains.
AAVE Climbs High After Retracement
AAVE climbed high after a retracement to continue the upward trend. Longs were in the majority on the exchange long/short ratio. Aave’s [AAVE] 53% gains between 16 June and 5 July completely reversed the altcoin’s bearish slide. Using the $51 support level as a springboard, bulls rallied to break past the resistance at $61.4 and $69.3, flipping AAVE bullish on the 12-hour timeframe as it broke the bearish trendline and lower high.
Intense Selling Pressure
The intense selling pressure on AAVE saw it record a 43.7% price drop in Q2 2023, sinking to a year-low of $47.4 but, with bulls finding support there along with at critical support level, they were able to rally strongly again and break past both resistances mentioned earlier by 25 June..
With price trading at $77.4, as of press time, bulls have their sights set firmly on breaking throught he next resistance level at $83 – an action that would register them an impressive year-high for AAVE – and are moderately confident of achieving this due to current market conditions being favourable for such an outcome..
However, bears could yet impede this progress should Bitcoin suffer any significant price dips that could cause buyers to take profits or back away from future purchases entirely.. The Relative Strength Indicator (RSI) reading currently stands at 66 which is close to overbought zone while Chaikin Money Flow (CMF) is positive but shows bigger money capital is treading cautiously..
Speculators Favour Bullish Continuation
Data from Coinglass also showed speculators favouring further bullish continuation though their confidence may not be so strong as initially thought given some caution among big money capital…