AEVO Price Analysis: AEVO Surges 3% as a Bullish Reversal Could See the Bulls Claim $0.608 ATH
Aevo (AEVO) price has experienced a bullish comeback after an overall market downturn. It has surged 3% to trade at $0.350 at press time, with its 24-hour trading volume increasing 11% to $42 million. This noticeable movement in the market signals a recent rise in market activity amongst traders and investors.
However, the token has plunged a hefty 17% in a week and 20% in a month. Nonetheless, the Aevo price has gone down by almost 90% in the past year. However, with bullish prospects on the horizon, they could push the Aevo price to the green zone and all-time highs (ATH).
Meanwhile, data from Coingalss shows that traders and investors are booking long positions, suggesting a shift in momentum. In layperson’s language, when the long positions are comparably higher than the short positions in the market, it indicates a change from bearish to bullish.
Aevo is a decentralized derivatives exchange focused on options, perpetual, and pre-launch trading. It runs on the Aevo L2, a custom Ethereum rollup built using the Optimism stack.
Aevo Statistical Data
Based on CoinmarketCap data:
- Aevo price now – $0.350
- Aevo market cap – $303 million
- Aevo total supply – 1 billion
- Aevo circulating supply – 866 million
- Aevo ranking – #149
Aevo Bulls Aim for a Bullish Rally
The Aevo price went on an uptrend on July 4. However, it encountered some resistance at $0.611, forcing the token price to fall. The bears dwindled the Aevo price to a low of $0.273, with the bulls having no solid hold. This resulted in the formation of a rounding top pattern. Moreover, the sellers capitalized on the death cross formed at around $0.495, painting the Aevo market big picture bearish. However, the bulls have gathered stamina, rebounding to the $0.345 critical support level.
A rounding top pattern on the four-hour chart reveals the possibility of a significant trend reversal. However, resistance at the 50-day SMA (green) and 200-day (blue) SMA could invalidate the bulls from triggering a rally. Hence, bulls must collect as much liquidity as possible before launching the next offensive mission.
Profit-booking for short-term investors might start at the 200-day SMA (blue) at $0.468. However, long-term investors and highly bullish traders may prefer that Aevo price exhaust the uptrend for gains above $0.468 to $0.608
Meanwhile, the Relative Strength Index (RSI) is above the 50-mean level, currently at 51. Furthermore, its position below 70 indicates significant room for the upside before Aevo is considered overbought.
Aevo Price Prediction
The odds favor the buyers in the 4-hour chart analysis, which could result in a rally if the buyers play their cards well. If the buyers turn the $0.363 into support, the Aevo price could surge, with the bulls targeting the next resistance at $0.468. Moreover, if the bulls capitalize on the RSI, which shows rising momentum, they could flip the $0.468 resistance into support, claiming the $0.608 high in a highly bullish case.
Conversely, if the sellers take advantage of the 50-day and 200-day SMA, which hints at a possible sell signal, the Aevo price could drop. Nevertheless, the bullish sentiment for the AEVO would only be invalidated below the $0.345 support. Such a move would also indicate a change in market structure.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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