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Aave hits 100% extension target – Where would the price go

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

Aave has been on a Moon mission on the charts because the launch of AAVE V3 in mid-March. The near-term market construction was strongly bullish. The upper timeframes additionally confirmed that the breakout previous the $200 space was technically vital. It appeared seemingly that Aave would hold this momentum up within the days to return.

AAVE- 1H

Aave has reached a 100% extension target- now where does the price go?

Supply: AAVE/USDT on TradingView

In deep blue is a trendline resistance stretching again to August 2021. Previously few days, this practically eight-month trendline resistance line had lastly been damaged. It was a bullish improvement. Since mid-March, AAVE has had a bullish outlook on the charts, and this improvement additional strengthened bullishness.

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Fibonacci retracement and extension ranges (yellow) have been plotted based mostly on AAVE’s transfer from $158.6 to $210 and confirmed the 61.8% and 100% extension ranges to lie at $241.8 and $261.4. The value has just lately been rejected on the $261 stage.

$241, $224 and $210 are locations the place AAVE might finish its retracement and proceed shifting upward as soon as extra.

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Rationale

Aave has reached a 100% extension target- now where does the price go?

Supply: AAVE/USDT on TradingView

The hourly RSI continued to stay above impartial 50 to indicate that bullish momentum was nonetheless current. The Stochastic RSI descended to oversold territory, and brought collectively they urged a bounce might happen on the $241 stage.

The CMF was effectively above the +0.05 mark, whereas the OBV has additionally been climbing up to now few days. Therefore, we are able to conclude that robust shopping for strain was current at press time.

Conclusion

The momentum and quantity indicators gave a constructive view of bullish worth developments for the following few days. A retracement to $224 or $210 cannot be dominated out, however on the time of writing, it appeared just like the $240 space might see AAVE bounce greater.

Even within the occasion of a deeper correction towards $200 for AAVE, the upper timeframe charts urged that bulls have been nonetheless in management. The transfer above $150 and $192 was an vital occasion that suggestions the steadiness in favor of the bulls and demarcated the $200 space as a requirement zone with shopping for alternatives. To the north, a breakout previous $260 will set the following goal of $312 (200% extension) for AAVE.

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