- The Aave price has surged by 25% in the past 4 days, showing the strength of the bulls.
- The crypto price has been defending the major support level since April.
Since 2022, the AAVE price has managed to defend the $50 hurdle and showed a little bit of strength. During this bullish move, the crypto asset price reached a 52-week high of $153.68 on March 13.
Since mid-March, the Aave price has been in a bearish trend and has declined by 40% in 4 months. Its price has declined due to resistance from a trendline. At the same time, the price has defended the major support level of $80.
Aave crypto took support at the major support level and extended to the 200-day EMA at press time. It was near the crucial breakout level, and volume increased by 47% within 24 hours.
Aave Price Has Formed a Descending Triangle Pattern in a Daily Timeframe
At press time, the AAVE crypto traded at $93.33 with a neutral momentum for the past 24 hours. Its market capitalization was $1.38 Billion, and the 24-hour trading volume was $125.31 Million at the time of writing.
When writing, the circulating supply was 14,871,319 AAVE, and the total supply was 16,000,000 AAVE.
The Aave price shaped a descending triangle pattern on a daily time frame. It was at the breakout zone at the time of writing.
If the digital asset price triggers a breakout from the triangle pattern, it may help in bullish momentum. Suppose the trading volume increases during the breakout; it may approach the $150 hurdle in the next few weeks.
On the other hand, assuming the AAVE crypto price starts trading below the major support level, investors might panic. The AAVE price below the $80 mark might create a panic scenario, which may lead to strong selling pressure.
Expecting $500 Level for Target
Accumulating $AAVE
When it breakout the range, expansion will start. Target is $500. pic.twitter.com/ucWunxGrIW
— Poseidon (@CryptoPoseidonn) July 10, 2024
A source on X claims that the AAVE crypto price has been stuck in a parallel channel at the button for a weekly time frame. After the breakout from the range, the price is expected to be a strong bullish move. It is expected to overcome the $500 hurdle as its target.
Will There Be a Solid Bullish Momentum After the Breakout?
AAVE cryptocurrency is currently showing signs of a potential breakout as it has formed a descending triangle pattern on the daily timeframe and is in the breakout zone.
The recent surge in price by 25% over the past 4 days indicates bullish strength, and the AAVE price has been defending the major support level since April.
With the AAVE price defending the $50 hurdle and showing strength after reaching a 52-week high of $153.68, there is potential for a bullish move if the breakout occurs. A rise in volume may trigger this breakout.
Technical Levels
Aave price may face resistance from the $104.00 and $131.00 levels. It is expected to take support at $80.00 and $62.00 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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