AAVE price action shows a bullish breakout of the long-coming falling wedge pattern teasing a price jump to the 50-day SMA. Key technical points: The market price exceeds the long-coming resistance trendline. The price action also shows a rounding bottom reversal. The 24-hour trading volume of Aave is $125 Million, indicating a rise of 30%. Past Performance of AAVE A long-coming downtrend in the AAVE prices forms a falling wedge pattern, accounting for a downfall of 80% in the last three months. The price action takes a bullish approach after reaching the $50 mark resulting in a price jump to $75. However, the sellers at the trendline kept the downtrend in action for a bit longer before the buyers formed a rounding bottom to breach the resistance trendline. Source- Tradingview AAVE Technical Analysis AAVE prices show the bullish breakout of the falling wedge pattern with a 5% growth in the last 24 hours. Today’s bullish development forms an engulfing candle increasing the likelihood of the breakout rally reaching the overhead resistance at $80. The MACD indicator shows the fast and slow lines sustaining the uptrend as they approach the zero line. Hence, the uptrend increases the likelihood of increased momentum of the breakout rally. The RSI indicator shows a rounding reversal in the nearly oversold zone, surpassing the 14-day SMA to reach the halfway line. Hence, the indicator showcases an increase in the underlying bullishne...
