Recently, Aave [AAVE] made a significant move by surpassing the crucial resistance level of $153.98. This breakout has propelled the cryptocurrency to new cycle highs, attracting increased buying interest.
Currently priced at $168.64, AAVE is demonstrating strong upward momentum, supported by rising trading volume and bullish technical indicators.
Following the breakout, AAVE is eyeing the $200 mark, which serves as a pivotal psychological and technical barrier.
Analyst Daan Crypto Trades has suggested that if AAVE successfully breaches this level, the next target could be around $261.18, in line with earlier highs from early 2022.
This outlook reflects the current bullish sentiment in the market, fueled by strong buying pressure.
The limited historical price action in the current trading range suggests the potential for swift price fluctuations as AAVE explores new levels.
With the cryptocurrency trading comfortably above key moving averages, the bullish trend remains robust, indicating the possibility of further gains if current market conditions persist.
Sustained Bullish Momentum
AAVE’s bullish momentum is underscored by its position above both the 50-day Exponential Moving Average (EMA) at $135.20 and the 100-day EMA at $121.77.
These technical levels have acted as strong support during AAVE’s recent surge, reinforcing its upward trajectory.
The token has consistently stayed above these moving averages, emphasizing the strength of the current trend.
At the time of writing, the Awesome Oscillator (AO) was at 26.11, with expanding green bars indicating growing bullish strength.
This momentum indicator continues to signal positive market sentiment, supporting the ongoing upward price movement.
The increase in green bars on the histogram further highlights substantial buying interest, aligning with AAVE’s recent price gains.
Is AAVE’s Rally Set to Continue?
Looking ahead, the Aroon indicator, utilized to assess market trends, displays a clear dominance of bullish signals.
The Aroon Up (blue) stands at 42.86%, while the Aroon Down (orange) is at 78.57%, indicating recent highs have been achieved and bullish signals currently outweigh bearish ones.
This configuration demonstrates a strong bullish presence in the market, with signs of weakening control from sellers.
With increasing trading volume and positive market sentiment, these technical indicators suggest that AAVE’s recent breakout could mark the start of a sustained upward trend.
AAVE’s trading volume in the last 24 hours amounts to $295,637,016, reflecting a 0.85% price rise within the day and a 16.74% increase over the week.
With a circulating supply of 15 million AAVE, the cryptocurrency boasts a market cap of $2,527,476,128, highlighting its expanding footprint in the DeFi sector.
As AAVE continues its upward trajectory, market participants are closely monitoring the potential attainment of the $200 price target and the ability to maintain the current bullish momentum.