The crypto industry has started the month of November on a positive note, as the market has experienced another price jump, with the total Marketcap increasing by over 2.5% within the past day. The price of the AAVE token displayed a jump of nearly 20% in the early trading hours today.
The AAVE token recorded this jump following the news of FTX depositing significant value in this asset. Alameda has reportedly bought over 500K worth of AAVE tokens in recent times.
The Aave price was seen trading in a closed range between $61.61 and $65.34 for more than a week, following which the coin gained momentum and broke out of the resistance level at $65.34.
The price continued to gain value by breaking multiple resistance levels at $69.90 and $77.12, after which the price was rejected at $85.57. The coin was trading in a consolidated range of $77.12 and $85.57 for a while. During this time, the 50-day EMA acted as a dynamic support for this crypto, following which the price regained momentum and broke out of its crucial resistance level of $85.57.
The price managed to record a yearly high of $102.61 before the bears pulled back the price below $100. AAVE price is presently hovering close to its upper level and is predicted to retest it soon, of which the outcome is uncertain.
Will Aave Price Record New Yearly High This Month?
The RSI averages have been constantly trading above the mid-point for over a week, indicating a massive buying and selling power for the coin. Further, the average recently showed a significant spike, resulting in the price breaking out of the overbought range, suggesting an increase in the token demand.
If the bulls break out of their resistance level at $99, the AAVE price will regain momentum and make a run to test its upper resistance level of $105 soon. Further, if the market continues to gain momentum, it will rise and test its resistance level of $110 in the coming days.
On the contrary, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level at $91.13. Moreover, if the bears continue to dominate the market, it will experience a massive price plunge and continue falling and test its important support level of $85.57 this month.