Aevo Price Soars 1% as Bulls Aim for a Bullish Reversal, Is $0.40 Within the Reach?

Aevo Price is in focus today as it has increased 1% in the past 24 hours, with AEVO/USD trading at $0.318. Despite the surge, the decentralized derivatives exchange is down by 3% in a week and 88% in a year. However, its 24-hour trading volume has exited the red zone, as it is up 3% to $25 million, suggesting a rise in market activity. 

This comes as the Ethereum-based crypto options and perpetuals trading platform revealed its August buybacks, totaling 1 million Aevo on September 4. The buybacks were done on Binance, and 1M AEVO was transferred to the treasury multisig, part of a program that the derivatives L2 platform plans to execute monthly until December 2024.

Aevo August Buybacks 💰

We have started the buyback process for the $AEVO token

For the August buybacks, 1M $AEVO was purchased on the 2nd of September at an average price of $0.317

Buybacks was done on Binance, and 1M $AEVO was transferred to the treasury multisig.

Here’s… pic.twitter.com/kWltxy8waK

— Aevo (@aevoxyz) September 4, 2024

Meanwhile, Four Cypto Spaces, a well known web3 marketing firepower, has taken to the X platform, noting that he is expecting a strong reversal to $2 in Q4 in the Aevo market. 

$Aevo Updates
Bottomed out 🤝⚡
Will reverse soon from this level,
AEVO is #Binance launchpad coin and it's WAVE 2 is coming soon

Expecting strong reversal towards 2$ price in Q4.

Buy in parts and Hold with patience🤝#AEVO #AEVOUSDT pic.twitter.com/ZXzErVvfkH

— FOUR | Crypto Spaces (@X_Four_iv) September 5, 2024

Aevo Statistical Data

Based on CoinmarketCap data:

• Aevo price now – $0.318
• Aevo trading volume – $25 million
• Aevo market cap – $276 million
• Aevo total supply – 1 billion
• Aevo circulating supply – 870 million 
• Aevo ranking – #154

Aevo Bulls Aim for a Reversal Above the Descending Triangle

The Aevo price trades within a descending triangle channel, as the bulls aim for a reversal in the market. The price has currently retested the support area between $0.27 and $0.30. This support zone has been tested multiple times, suggesting strong buyer interest at this level, which could trigger a bullish reversal in the market soon. 

Meanwhile, the AEVO technical outlook paints a bearish picture as the buyer momentum seems to be dwindling. Currently, the Aevo price trades below the 50-day and 200-day Simple Moving Averages (SMAs), suggesting increased selling pressure. In this case, the bulls must conquer the $0.32 and $0.36 technical barriers before the resumption of an uptrend. 

Notably, the Relatively Strength Index(RSI) is below the 50-mean level, indicating intense bearish sentiment. Currently, the RSI sits at 45, with the potential for further downside unless a reversal happens soon.

On the other hand, traders are at liberty to hold their long positions in AEVO intact, bolstered by the bullish outlook from the Moving Average Convergence Divergence (MACD) indicator. A buy signal has validated the rally with the blue MACD line stepping above the orange signal line. The momentum indicator has also been trending upwards into the positive region, hurtling towards the mean line at 0.00. Traders are inclined to buy Aevo unless the MACD changes.

Aevo Price Prediction

In the 4-hour chart above, the bulls are attempting to gain a spot in the market. If the buyers capitalize on the MACD, which calls for a buy signal, they could trigger a bullish reversal. A decisive candlestick close above $0.32 would invalidate the bearish sentiment.

In a highly bullish case, a break and close above $0.36 will see Aevo price rally to $0.40 mark or even $0.50. Conversely, if the bears keep dominating with the RSI and Moving Averages, suggesting some bearish prospects in the market, the AEVO price could dwindle. A breach and break below the support zone will see the price dive to $0.28.