AAVE Bulls Aiming for $83 – Here’s What You Need to Know!

• AAVE sustained its bullish trend on the lower timeframes with a successful defense of the $69.3 support level.
• CMF indicator highlighted a significant rise in capital inflows.
• Bulls could easily flip the $83.6 to support if they cross the hurdle at the $80 psychological level.

AAVE Sustains Bullish Momentum

AAVE continued to build on its bullish trend on the lower timeframes, with bulls successfully defending the $69.3 support level from pullbacks caused by Bitcoin [BTC] dipping below $31k. The recent rally from this support level resulted in 10.2% gains for buyers, while indicators such as Relative Strength Indicator and Chaikin Money Flow showed strong buying pressure and positive capital inflows respectively.

Targeting Next Resistance Level

With momentum still bullish on 4-hour timeframe, bulls are now preparing another approach for the next resistance level at $83.6, hoping to flip it to support if they manage to cross over the hurdle at psychological level of $80. On-chain metrics also hinted at good profits for buyers as their Market Value to Realized Value ratio was high.

Beware of Further Pullback

However, any further dip in Bitcoin prices could offer opportunity for bears to force a retest of previous support levels such as $69.3, which could have dire consequences for bulls who have profited from recent gains and would be looking to protect these profits before looking ahead towards more gains above current levels.

Looking Ahead

Looking forward, it seems like bulls are well positioned to capture new highs above current levels provided that Bitcoin does not suffer any major price corrections over coming days or weeks that may cause further pullback in altcoins such as AAVE and potentially reduce investor confidence leading into this potential breakout zone around $83 -$84 range .

Disclaimer

The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.