The past week has been positive for AAVE with the DeFi cryptocurrencies being preferred to Bitcoin by traders. AAVE price has surged by approx. 38% in the last week. AAVE Recording New ATHs On February 3, 2021, the closing price of AAVE was $384.50. In the last 24 hours, AAVE price reached a record high of $449.90. The 24-hour low was $304.55. Currently, AAVE is trading at $425 – an 11% surge from the opening price of $384. Thus, the price is rallying. https://ift.tt/3oMSp7w Day-Ahead and Tomorrow for AAVE A few minutes back, the RSI indicator had crossed the 70% barrier indicating high demand for AAVE. However, currently, it has fallen to 49% indicating that selling pressures have overtaken the market. Thus, the RSI indicator is implying ‘going short.’ So, we can expect a price pullback. The RSI will reach below 30% and rally again. The OBV and A/D indicators are rising. The AO indicator is also positive and gives strong ‘buy’ signals. Therefore, the price uptrend will continue as buying volumes are more than selling volumes. The MACD and signal lines are also having high positive values. A bearish crossover by the MACD line over the signal line in the positive territory indicates a temporary price pullback. In other words, the price uptrend will continue with intermittent price corrections. The ADX line is very volatile with intermittent peaks and troughs. This indicates that the market is not very healthy. So, a trend reversal can happen. However, the trend reversal may be a temporary price correction as most of the other oscillators have shown bullish signs. The SMA and EMA lines are above the price line. So the price upswing will continue. Presently, AAVE is trading well above the Fibonacci pivot point of $379.65. So, a downtrend looks far-fetched. By the end of the day, if the price manages to successfully break out of the first and second Fibonacci pivot resistance levels of $435.17 and $469.47, respectively. We can expect the uptrend to continue tomorrow as well.
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