At the current moment, Aave [AAVE] has shown a 6.63% increase in the last 24 hours, demonstrating some level of volatility despite its performance fluctuation throughout the week.
Sustaining this positive momentum could potentially offset the losses from the week and set AAVE on a path towards further appreciation compared to the previous two weeks.
What lies ahead for AAVE? Is there a substantial upswing on the horizon, or is it yet to materialize?
Imminent Rally Anticipated for AAVE
At the time of writing, AAVE has been gaining traction in its attempts to surpass the barrier at $153.72, a level historically associated with significant selling pressure that has caused price downturns on three separate occasions.
If this resistance is overcome successfully, the next target for AAVE stands at $236.45, where a notable liquidity cluster is highlighted on the chart.
A closer target, however, is situated at $162.60, a level indicating nearby resting liquidity as identified by Hyblock.
In the event that AAVE fails to attract traders at this stage, the price could potentially drop to $113.50, an area with a noticeable accumulation of liquidity.
Successful Traders Poised to Sustain Buying Momentum on AAVE
According to IntoTheBlock, the “In/Out of the Money Around Price” metric reveals that a significant number of traders were in a profitable position at the current time, suggesting gains from holding AAVE.
Currently, there are 9.06k addresses in profit, representing 71.04% of all AAVE holders, indicating that these investors might continue to contribute to upward price movement.
An encouraging sign is the 46.48% decrease in active addresses, indicating a bullish market sentiment where fewer holders are inclined to sell and prefer to retain their assets.
This sentiment is further supported by a reduction in AAVE’s circulating supply on exchanges within the last day, reflecting strong investor sentiment for holding onto their positions.
Possible Decline to $116 Poses a Threat to Growth
Despite achieving a growth of 12.84% over the past month, AAVE has faced challenges in surpassing a key resistance range between $142.69 and $153.72 on its third attempt.
Currently, AAVE is gearing up for another endeavor to break through this critical level.
An analysis from CryptoCrypto suggests that AAVE is well-positioned to surpass this hurdle, trading within an ascending triangle pattern renowned for its bullish implications.
A breakout from the ascending triangle could mirror its previous movement from the base to the upper boundary of the ascending channel, potentially reaching as high as $236.45, highlighted by a black arrow on the chart.
Alternatively, in the instance of a breakdown in the ascending channel, AAVE could witness a drop to $116, aligning closely with the liquidation point at $113.50 highlighted on Hyblock’s charts.
AAVE sets its sights on a $236 target, encountering crucial resistance at $153.72. Gain insights on the bullish trends and significant resistance levels shaping AAVE’s path in the market.