AAVE Technical Analysis: With Positive Signals, Price May Rally to $593.60

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Aave is an open-source liquidity protocol that allows users to earn interest on deposits and borrow assets. It is a decentralized and non-custodial blockchain network. Thus, users can earn passive income on this platform and borrow undercollateralized or overcollateralized loans. AAVE is the native token of this network and its technical analysis is as follows:

Past Performance

On May 8, 2021, AAVE opened at $445.22. On May 14, 2021, AAVE closed at $594.78. Thus, in the past week, the AAVE price has surged by roughly 34%. In the last 24 hours, AAVE has traded between $575.01-$611.00.

Day-Ahead and TomorrowCurrently, AAVE is trading at $588.72. The price has decreased from the day’s opening price of $594.78. Thus, the market seems to be bearish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising.Currently, the RSI is at 65%. It faced rejection at 56% and rallied to the current level. Thus, buying pressures are high. Hence, like the MACD oscillator, the RSI indicator is pointing towards a price rise too.The OBV indicator has started rising steadily. This implies that buying volumes are gradually overtaking the selling volumes. Hence, the OBV indicator is giving further credence to the price rise indicated by the other two oscillators.AAVE Technical AnalysisCurrently, the AAVE price is below the Fibonacci pivot point of $593.60. As the oscillators have given positive signals, we can expect the price to surpass the pivot point in some time.

The price has tested and broken out of the 38.2% FIB retracement level of $588.76. It may soon break out of the 50% FIB retracement level of $593 as well. Thus, as of now, the bulls seem strong, and we can expect the price uptrend to continue today as well as tomorrow.

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