The AAVE/USDT pair is on its way to notching a third day of small gains, as selling pressure on the crypto market from the Omicron variant’s emergence continues to ease. However, it may still be too early for bullish AAVE price predictions as buying momentum and volumes remain weak.
The AAVE/USDT pair had fallen by more than 10% last Friday as the crypto market sold off in response to the emergence of a new coronavirus variant named Omicron.
The move completed the bearish flag pattern, which had been in evolution for several weeks. Price has found support at a previous pivot, but momentum to the upside remains weak, showcased by the low volume trades that have characterised the last three trading sessions. The AAVE/USDT pair is up 1.76% as of writing.
Following the completion of the bearish flag on the daily chart, price action found support just ahead of 213.0 (23 May/20 July lows) and is aimed towards the 277.7 resistance barrier. If the bulls take out this barrier, 337.6 comes into view. 399.9 and 432.2 remain ambitious targets to the north.
On the flip side, a decline below 213.0 is required to send the AAVE/USDT to 174.7 (22 June lows). Below this level, the 21 January low at 150.8 will become the new target for the bears.
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This post was last modified on %s = human-readable time difference 12:08