Aave Eyes August Breakout as Flat Trading Continues

Aave (AAVE) could be setting up for a bullish breakout in August if it continues to trade flat over the next few sessions, according to trader Michaël van de Poppe. He notes that AAVE is currently holding above its 21-day and 50-day moving averages near $101.

Van de Poppe favors buying dips with extension targets at $125-140. On the 4-hour chart, Aave trades at $96.07 inside a bearish structure where the EMA50 at $97.12 caps upside and the EMA200 at $91.34 offers deeper support.

The RSI (Relative Strength Index) sits neutral at 44.6 while the MACD death cross keeps momentum negative, but price is making a push toward the $101.95 upper band, which could be the next logical test before any healthy pullback to the 50-EMA.