Some of the cryptocurrencies have entered a correction phase, according to CoinMarketCap's ranking.
Top coins by CoinMarketCap
AAVE/USD
The rate of AAVE has risen by 1.72% over the previous 24 hours.
Image by TradingView
On the hourly chart, the rate of AAVE has made a false breakout of the recently formed support level at $78.67. If the price remains above the $80 zone until the end of the day, one can expect a test of the resistance at $82.81 soon.
Image by TradingView
Despite the false breakout, the price of AAVE has not fallen, which means that bulls are not giving up so easily. If the daily bar closes near the $81.50 mark, traders may see a breakout followed by a continued rise to the $90 area next week.
Image by TradingView
On the weekly time frame, the rate of AAVE is on the way to the $90 mark. If buyers can reach it and fix the price above, the accumulated energy may be enough for a continued midterm bull run to the $100-$120 zone.
However, it may take a few weeks for such a scenario to happen.
AAVE is trading at $81.39 at press time.