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Aave Price Prediction: Will AAVE Climb to $80 in the Short Term?

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Aave (AAVE) price is nurturing a recovery rally after a 35% slump that began around mid-July. The token is up 20%, with the $51.90 level holding as support. Interestingly, the outlook shows the token mirroring what happened between April 10 and July 14, where AAVE fell 40%, only to recover 60%. With this, it is likely that the altcoin could ascend to test $80.00 for the second time. If it does, it would constitute a 30% ascent from current levels.

Investigating Aave Price Action From A Technical Point Of View

The Aave price is currently $63.61, up 3% in the last day and 20% in the last nine days. The token is on a recovery rally that could transform into a solid uptrend if AAVE makes a decisive break and closes above the $80.00 level.

However, the Aave price is trapped in a strong supplier congestion zone. These are the 200-day (blue) and 50-day (red) Exponential Moving Averages (EMA). This is after flipping the 100-day (green) EMA into a support level. A decisive move above the 200-day EMA at $66.43 hurdle would clear the path for AAVE into the zone above the $70.00 psychological level.

Considering these moving averages capped upside potential for Aave price, overcoming them would signal a continued move north. Meanwhile, the token is bullish, with technical indicators to support it.

The Awesome Oscillator is positive with a sustained flow of green histogram bars. Also, looking at the Relative Strength Index (RSI), the bulls appear to be taking a breather before the next move north. The blue highlight shows this has happened before and should not be ruled out.

Aave price
TradingView: AAVE/USDT 1-day chart

Invalidation of the current bullish outlook will occur once Aave’s price makes a decisive break and closes below the $51.90 support floor. The level to watch for confirmation would be the $47.00 low. However, conservative longs could have their stop losses around the $51.90 level, which marks the bottom of the last lower high.

The RSI crossing the 70 level to the downside should also be considered, as it confirms Welles Wilder’s interpretation of an overbought asset.

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