Aave managed to reach resistance of $ 496 and saw a strong 50% price increase today. Against Bitcoin, it passed 0.01 BTC today.
Aave rose 72% in 1 week
Aave has only become parabolic after managing to climb 72% in the past week. The cryptocurrency saw a significant rise during the month of January as it moved within an upward price channel.
Yesterday, AAVE reached the cap of this price channel and showed an increase of 27%. More than 45% more price increases today have made the cryptocurrency cross the cap and become parabolic.
It managed to rise to almost $ 480 by setting up a new ATH before dropping to $ 445, the resistance provided by the 1.414 Fib Extension level. From there, it has continued to rise to $ 520 in the last few hours. It is currently trading below $ 500 at the $ 496 resistance.
Looking ahead, when buyers break $ 500, the initial resistance level is at $ 520 (ATH). This is followed by 548 (1,272 Fib Extension), 592 (1,414 Fib Extension), 600 and $ 656 (1,618 Fib Extension). Additional resistance is at $ 700 and $ 725.
On the other hand, initial support lies at $ 445. This is followed by 400.378.50 (.382 Fib), 320 (lower bound of the price channel) and $ 333 (.5 Fib). Additional support is at $ 300.
As expected, the RSI reached overbought conditions as the market became parabolic, suggesting that the bulls may be slightly stretched.
Key Support Levels: $ 445, 400 and $ 378.50
Key Resistance Levels: $ 500, $ 520 and $ 548