Ev has managed to break its key resistance level of $104 over the past 24 hours. As the market demonstrated strength, altcoins across the industry attempted to move north. Bitcoin climbed above the $30,000 price level and extended gains across the altcoin market.
At the time of writing, Away was still quite close to the $104 price level which is now acting as a support. To invalidate the bearish thesis the bulls would have to increase. Over the past week, Aave has gained almost 10% on its charts. The current price drop will push the coin below the $103 support line.
Right now the coin is facing strong resistance at the price level of $108. For the coin to trade in a bullish price action, it is important for Ava to trade above the $108 resistance level. If the coin does not manage to move above the above level, Aave can increase further damage.
Aave Price Analysis: One Day Chart
At the time of writing, the altcoin was trading at $105 after breaking the $104 resistance. Overhead resistance for the coin was at $108. A break below the current price level could push the coin to the $93 mark. Another major resistance mark was at $120.
The last time Away traded around this price level was in January 2021. However, in the last one week, buyers tried to return to the market. The same reading was reflected on the volume bar. The volume traded in the previous session was in the green. This indicated bullish price action at press time.
technical analysis
As Eve continued to show strength over the past week, buying power gradually increased on the charts. The relative strength index reflects the same. At press time, the indicator was on the half line, this reading meant that there were an equal number of buyers and sellers in the market.
Aave price however stood above the 20-SMA line, indicating that the price action was more inclined in favor of the buyers. Buyers were responsible for pushing up the prices in the market.
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The coin has so far painted mixed signals on the one-day chart. Although most of the indicators were skewed towards the bullish side, some indicators were still not to reflect the same price action. Chaikin Money Flows recorded a decline, reflecting a decline in capital inflows on outflows.
On the other hand, the Moving Average Convergence Divergence underwent a bullish crossover as the price of the coin started looking optimistic. The green histogram on the MACD was also a buy signal. Aave may also attempt to trade near the $120 price mark if buyers act on it, however, support from the broader market will be required.
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