Highlights:
- AEVO may be bottoming out, offering a potential buying opportunity.
- Fibonacci levels target possible gains at $1.6713, $2.1045, $2.5377, and $3.1544.
- A breakout above $0.3588 could start an uptrend, with resistance at $0.6373.
The Aevo price has plunged by 1.7% in the last 24 hours to trade at $0.3337 as of 3:25 a.m. EST, on a 4% increase in trading volume to $79 million. The market cap is now at $329 million.
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According to Altcoin Pioneers, Aevo’s price is currently bottoming out, which could signal a good opportunity for a long position. They highlight a Fibonacci retracement pattern as an indicator of potential upward movement, with the Relative Strength Index (RSI) sitting at a neutral level. This neutral RSI suggests balanced momentum, making it possible for the price to swing either way, though the analysis leans toward a bullish scenario.
$AEVO LONG 🟢
I think #AEVO is bottoming here.
Beautiful Fibonacci Retracement printed and RSI Is Neutral
🎯 Target 1 – $1.6713
🎯 Target 2 – $2.1045
🎯 Target 3 – $2.5377
🎯 Target 4 – $3.1544
🎯 Target 5 – $3.94 pic.twitter.com/sbVmRgKrOj— Altcoin Piooners ™ (@AltcoinPiooners) October 29, 2024
Pioneer outlines four target levels for the anticipated move upward. The first target is set at $1.6713, followed by $2.1045 as the second target, $2.5377 as the third, and $3.1544 as the fourth target. These levels correspond with Fibonacci retracement zones, which are often used by traders to identify potential resistance levels during a price recovery. If AEVO maintains its current bottom, these targets could act as key profit points for traders taking long positions.
Aevo Statistics
- Aevo price: $0.3337
- Market cap: $296 million
- Trading volume: $79 million
- Circulating supply: 882 million
- Total supply: 1 billion
Aevo Price Plans for a Bullish Reversal Above the Falling Wedge
The chart of AEVO/USD on a daily timeframe shows a prolonged consolidation phase, with the price currently trading at $0.3317. The 50-day moving average (MA), currently at $0.3588, and the 200-day moving average (MA) at $0.6373 is positioned well above the current price, indicating a bearish long-term trend. However, the price has been holding within a consolidation range, suggesting a potential base formation.
Technical Indicators Signal a Bullish Comeback
The MACD (Moving Average Convergence Divergence) histogram shows red bars below the zero line, reflecting bearish momentum. However, the bars are relatively short, indicating that the bearish pressure might be easing as the price consolidates. This could suggest that AEVO is potentially gearing up for a reversal if buying interest increases.
The Relative Strength Index (RSI) is currently at 44.93, which is in the neutral zone, indicating that the asset is neither overbought nor oversold. This neutral RSI could provide room for an upward movement if momentum picks up, especially as the price finds stability within its consolidation range.
If AEVO breaks out of this consolidation phase and establishes support above the 50-day MA at $0.3588, a possible uptrend could follow. This would likely encounter resistance at the 200-day MA at $0.6373, marking a significant hurdle for further price recovery. A sustained breakout above these levels could strengthen bullish sentiment, possibly triggering further upward movement.
AEVO’s current consolidation suggests a potential bottoming-out scenario. A breakout from this phase, accompanied by increasing momentum, could pave the way for an uptrend, with the 50-day and 200-day moving averages acting as key resistance levels. If the price holds and breaks through these levels, it could signal a bullish reversal.
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