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Aave (AAVE), to continue the recent uptrend despite rejection of crucial resistance zone

Aave (AAVE) has ranked among the top 5 best performing major crypto assets in the last two weeks. The coin has been on a major uptrend and in fact, it managed to break above $200 for the first time this year. What’s next for the price action? These are some tips to remember: After surging…

Aave (AAVE) has ranked among the top 5 best performing major crypto assets in the last two weeks. The coin has been on a major uptrend and in fact, it managed to break above $200 for the first time this year. What’s next for the price action? These are some tips to remember:

  • After surging towards $230, AAVE appears to have lost its upward momentum.

  • The coin has been largely in sideways trade for the past two days

  • AAVE was also rejected at the crucial $241.8 resistance level

Data Source: Tradingview

Can Aave find momentum?

The rejection at $241.8 was a big letdown for bulls who had managed to push AAVE quite high in the last 14 days. In fact, the coin has since retreated and is trading at around $231. We expect bulls to try and breach the $241.8 price in the coming days.

Although this is difficult due to the stagnation in price action, it’s possible. A break above $241.8 will push AAVE further above $261 before any resistance. This will represent a 15% upswing above the current price.

Despite this, there’s still a high risk of retracement. Remember that AAVE has trended up for most of March. A correction is, therefore, due and as such, we could see a strong retracement that takes the coin back to $210. However, if the price action stays above $230, more upside will come.

Why should you consider AAVE now?

We still believe that AAVE has some upward momentum. In fact, a sharp rise toward $260 is still possible. Buying now will therefore give you a chance to make back at least 20% in returns.

But you should not ignore the possibility of a retracement to the downside. If bulls cannot keep the price above $230, then you should probably wait for it to fall back to $210 or thereabout before buying.

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