The post AAVE Stagnates Near Demand Zone, Will It Reach $100? appeared on BitcoinEthereumNews.com.

The Aave token price defended the demand zone of $80 and formed a double bottom pattern there. Amidst the market’s bearish structure, the token displayed strong projections and would likely revisit the round mark of $100 soon. Traded in a downtrend, the token formed a descending triangle pattern and was still below the trendline mark of $95 at press time. Meanwhile, the buyers have attempted to sustain near the 20-day EMA mark and are trying to stretch the gains ahead. Still, the lower low swings were noted, and the token found it challenging to cross the cluster of $90. For the past few weeks, it continued to underperform and dragged from its supply zone of $150 and underwent a correction of over 40% in the past three months. As long as the sellers guard the round mark of $100, the token could continue consolidating near its demand zone. A short covering move can be triggered if it climbs above that mark, which might lift the token toward $120 in the next sessions. At press time, the Aave token was trading at $87.30 with an intraday surge of 5.30%, reflecting neutrality on the chart. It has a monthly return ratio of -6.30% and 26.30% yearly, reflecting short-term consolidation. The pair of AAVE/BTC was at 0.00149 BTC, and the market cap was $1.32 Billion at the time of writing. Analysts are neutral and suggest that the AAVE price may consolidate below the $100 mark ahead Is the $100 Mark Still a Dream For AAVE Bulls? The ongoing projection signifies that the AAVE token could face further consolidation and may see a dip ahead. Amidst the minute price recovery, the bears have held the grip comfortably near the cluster of $90. The downward-sloping trendline placed near the $90 mark was the make-or-break level…

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Filed under: News - @ July 10, 2024 6:16 pm