Recent analyses suggest that Aave’s [AAVE] cryptocurrency is poised for a significant breakthrough, with predictions indicating a potential price surge towards the $180-$200 range. World of Charts, a respected crypto analyst, foresees an upcoming bullish breakout in AAVE.
The current trading price of AAVE stands at $134.67, showcasing an impressive 6.30% increase over the last 24 hours and a notable 9.40% gain in the past week.
This positive outlook builds upon a previous forecast made by the same analyst on September 4th, where AAVE recorded a nearly 24% profit and was observed to be entering another bullish pennant pattern on the hourly chart.
World of Charts projects a potential price surge of 20-25% in the near future if the current trend persists.
Bullish Signals from Technical Indicators
Technical indicators are pointing towards a bullish sentiment for AAVE, with the price breaking through the critical resistance level of $130. The widening Bollinger Bands suggest increased market volatility, while the price hovers near the upper band, potentially indicating overbought conditions.
Despite this, the 20-period moving average is acting as a support, signaling sustained bullish momentum. The MACD indicator also reinforces this positivity, with the MACD line recently crossing above the signal line.
While the histogram bars are diminishing, hinting at a potential slowdown in momentum, traders remain vigilant for any signs of a bearish crossover that could lead to a short-term trend reversal.
Buyer Interest Reflected in Trading Volume
The recent surge in AAVE’s price has been accompanied by a notable uptick in trading volume, reaching $338,983,007 over the last 24 hours, indicating strong buyer interest in the cryptocurrency.
However, there are indications that the volume may be plateauing slightly, prompting concerns about diminishing buying pressure. Analysts are closely monitoring volume spikes that could either confirm the continuation of the upward trend or signal a potential correction.
Furthermore, the AAVE network has witnessed steady growth in user activity, with approximately 161.95k addresses currently holding a balance. This upward trajectory underscores robust user engagement and growing curiosity in the platform, irrespective of AAVE’s price fluctuations.
Recent data from CryptoCrypto highlights the consistent price uptrend of the AAVE/USDT pair, characterized by a pattern of higher highs and higher lows, indicating a positive market sentiment.
The closure of the weekly candle above the true close of a consolidation range spanning over 800 days further solidifies AAVE’s bullish momentum. In the event of a price retracement, analysts emphasize the critical role of the $108 support level in sustaining the upward trajectory.