On Thursday, May 7, AAVE price outlook remains focused on a key support zone that continues to hold despite recent price pressure. Buyers have been accumulating near the bottom of the range to see if the token can make a rebound.
According to CoinMarketCap data, AAVE is trading at $92.86, down 0.52% in the past 24 hours. The trading volume decreased 11.01% to $302.88 million, and the token’s market capitalization is stands at $1.42 billion.
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AAVE Consolidates Inside Falling Channel
In a post on X, analyst Jonathan Carter highlighted that the AAVE support zone is holding firm. The current AAVE price outlook shows the token consolidating above this level inside a descending channel on the daily chart. The price is under pressure as buyers continue to defend the area.
Carter added that the situation could present an opportunity for a bounce if momentum shifts. He listed upside targets at $105, $130, $145, $180, $207, and $240 after confirmation. The support zone is also relevant in the following AAVE price outlook.
Additionally, another analyst, Whales Crypto Trading, shared a similar AAVE price outlook. The analyst mentioned a possible entry near current levels. He identified upside targets of $152, $164 and $178. These levels are based on a confirmed upward move.
Open Interest Rises as Longs Face Pressure
According to CoinGlass data, the future trading volume dropped by 11.53% to $315.37 million. Open interest went up 7.69% to $310.46 million. The OI-weighted funding rate is 0.0090%, with slightly positive sentiment.
Liquidation data shows pressure on long traders. Total liquidations reached $322.75K in the last 24 hours. The Long positions totalled $312.33K. Short liquidations were limited to $10.42K. This indicates recent downside pressure.
AAVE Price Outlook Signals Limited Momentum
According to TradingView data, the Relative Strength Index (RSI) data supports the current AAVE price outlook. The RSI is at 43.79 and the signal line is at 45.29. Both values are below the neutral value of 50. This suggests a lack of momentum but not oversold.
The Moving Average Convergence Divergence (MACD) indicators provide further insight into the AAVE price outlook. The MACD line is at -1.75, and the signal line is at -1.85. The histogram reads 0.10. The current configuration is a small bullish crossover but with moderate strength.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
