AAVE Technical Analysis: Will AAVE Prices Sustain Above 100-day SMA?

The AAVE price shows a correction in the ongoing bullish trend within a rising channel pattern teasing a drop below the 100-day SMA. Key Technical Points: The AAVE (AAVE) price action shows a bear cycle within the rising channel, taking support at the 100-day SMA. The bear cycle cracks under the psychological mark of $100, teasing a downtrend continuation. With a market cap of $1.341 billion, the intraday trading volume of AAVE has dropped by 2.84% to reach $222 million. Past Performance of AAVE As predicted in our previous article, the AAVE prices exceed the psychological mark of $100, resulting in the breakout of the 100-day SMA. However, the higher price rejection above $100 results in an early bearish reversal before reaching the resistance trendline. Currently, the downtrend breaks under $100 but takes support at the 100-day SMA, avoiding a high momentum downfall. The ongoing bear cycle accounts for an 8% price drop in the last six days, but the recent lower price rejection teases an uptrend continuation. Source – Tradingview AAVE Technical Analysis The bullish trend possibility increases as the AAVE price avoids a drop below $90 with significant low price rejection. However, the traders must wait for the market price to break above $100 before taking a bullish trade. With the prices taking a diagonal shift at the 100-day SMA, the bullish influence over the 50-day SMA increases, resulting in a positive turnaround. Hence w...