- A bullish trend in AAVE was witnessed after Blockchain.com announced that we recently hit a significant milestone at Blockchain.com.
- AAVE/USD price prediction remains bullish above the $365 level as the pair is violating a downward trendline.
- Forex trading market participants may look for a buy trade above the $365 level with a target of $410 and $416.
The AAVE/USD pair succeeded in extending its early-day upward rally and drew some extra bids around above the $350.00 level as the crypto market continues to gain positive traction. AAVE price prediction remains bullish above the $365 level as the pair is violating a downward trendline.
If you are interested in trading AAVE/USD with forex robots, check out our guide.
Blockchain.info Hit $1 Trillion in Crypto Transactions
A bullish trend in AAVE was witnessed after Blockchain.com — former Blockchain.info — was one of the OGs of the crypto industry. They announced that we recently hit a significant milestone at Blockchain.com.
It’s exceeding more than $1 trillion in crypto transacted on our platform. This news leaves a positive impact on the investor’s confidence, which leads further gains in cryptocurrencies.
The broad-based US dollar weakness, triggered by the combination of factors, has also played a significant role in supporting the AAVE/USD pair. The AAVE price is trading near $358.59 with a 24-hour trading volume of $325,671,612. So far, the AAVE has soared by 1.28% in the last twenty-four hours.
Bullish Crypto Market Supports AAVE/USD
The reason behind AAVE’s upward rally could be tied to the bullish sentiment in the crypto market. Since the beginning of the week, the crypto market has been flashing green.
Furthermore, the upticks were mainly sponsored by the latest news suggesting that Blockchain.com — former Blockchain.info — is one of the OGs of the crypto industry. They announced that we recently hit a significant milestone at Blockchain.com, surpassing more than $1 trillion in crypto transacted on our platform.
It is worth reporting that Blockchain.com has one of the best-known Bitcoin wallets in the world. This positive news pushed Cryptocurrencies higher. This is one of the main reasons why the AAVE/USD pair remained bullish.
US Dollar’s Selling Bias Triggers Buying in AAVE
On the flip side, the greenback’s selling bias was another critical factor that kept the AAVE/USD prices higher. At the USD front, the broad-based US dollar failed to stop its early-day bearish rally and dropped near two-week lows against a basket of currencies on the day.
The declines have appeared after Fed Chairman Jerome Powell provided no clear timeline for asset tapering and interest rate hikes during the previous week’s Jackson Hole symposium.
He only suggested that the asset tapering timeline could be “within 2021.” In addition to this, the market’s upbeat mood put some extra burden on the safe-have US dollar prices.
AAVE Price Prediction – Daily Technical Levels
Support Resistance
361.28 404.90
344.00 431.24
317.66 448.52
Pivot Point: 387.62
AAVE Price Prediction – Daily Technical Analysis: Downward Trendline Breakout
The AAVE price prediction remains bullish above the $365 level as the pair is violating a downward trendline. The AAVE/USD pair has violated the double top resistance level of $375.
Therefore, the closing of candles above this level suggests a strong bullish bias.
On the bearish side, the AAVE/USD pair may find support at the $360 level, and a further bearish breakout could extend the selling trend to $345. Furthermore, the leading oscillator indicator is still holding in a buy zone, and the 50 day EMA (exponential moving average – red line) supports a bullish trend.
Secondly, the recent 2-hour candle is a bullish engulfing candle, demonstrating a buying bias among investors. The immediate resistance prevails at $375, $390, and $416 levels on the bullish side.
Forex trading market participants may look for a buy trade above the $365 level with a target of $410 and $416. Alternatively, we can take a sell trade below the $416 resistance level to target $375. All the best!
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