- Aave price is on the verge of a significant breakout towards $600.
- A key indicator has presented two strong buy signals in favor of the digital asset.
- There are no significant barriers on the way up for Aave.
Aave has seen a notable 30% correction since its top at $581.66 on February 10. The digital asset now seems ready for a new leg up and a breakout above $450.
Aave is facing only one barrier before $600
On the 12-hour and 4-hour charts, the TD Sequential indicator has presented two strong buy signals. There is one key resistance level at $450, which is the 26-EMA on the 12-hour chart.
AAVE/USD buy signals
However, the In/Out of the Money Around Price (IOMAP) chart shows practically no intense resistance levels ahead. The strongest seems to be located between $493 and $507, where 5,430 addresses purchased over 560,000 AAVE coins. A breakout above $500 can quickly drive Aave price towards $600.
AAVE IOMAP chart
However, a rejection from the 26-EMA resistance level at $450 on the 12-hour chat and a close below $400 would invalidate the bullish outlook and drive Aave towards $300. The IOMAP model shows only one key support area between $387 and $401, which coincides with the levels above.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.