The AAVE price gained immense strength after the price underwent a parabolic recovery following a rejection of around $145. Although the token failed to clear the yearly highs in its recent attempt, the upcoming rise may offer a fine boost to the growing buying pressure. The price has printed a couple of huge bullish candles and the technicals also remain in their favour, suggesting the token could be primed to close the monthly trade on a bullish note.
Historically, September is considered to be a bearish month, with the Bitcoin price facing a more than 20% pullback. In the meantime, the AAVE price, which has gained immense strength, is believed to form a new yearly above $150 anytime from now. With a rise of over 15% in the past couple of days and 8% in the past 24 hours, the price is believed to maintain a healthy uptrend in the coming month.
As seen in the above chart, the AAVE price is about to test the upper resistance zone after completing a parabolic recovery. The MACD has displayed a slight rise in bearish pressure but is about to display a bullish crossover. Besides, the +Di & -Di, which were about to undergo a bearish crossover, have detached from each other. Therefore, it substantiates the bullish possibility for the AAVE price rally, which appears to be poised to reclaim the lost levels above $160.
The crypto market has shown some resilience in recent times, holding off further declines. The total market volume has dipped by 0.77% to $66.35 billion. Despite this, AAVE prices are catching eyes with significant price jumps. After bouncing back strong from $118, the popular DeFi token is setting its sights on $155 and later at $183. With the RSI and EMA displaying bullish vibes, momentum could push AAVE past $200 very soon.
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