AAVE Price Is Climbing Higher: Will It Challenge The $150 Mark

Aave ($AAVE), a decentralized finance protocol, has been in a bullish trend and has continued to outperform the crypto market. Despite the market uncertainty and fear among investors, $AAVE price remained resilient and continued spreading the upward move.

Going forward, it secured gains above the $100 mark and delivered the bullish swings. The DeFi token price has climbed above the significant moving averages and reflected signs of bulls’ dominance.

$AAVE pushed through the market turbulence and kept striving upward, which indicated signs of buying momentum. With the weekly surge of over 25%, $AAVE price reached the crucial resistance zone near $120 and was eyeing a breakout.

Range Breakout Anticipated: Could $AAVE Bulls Surpass The $120 Mark?

$AAVE’s daily chart showed that it had been hovering in a range for the last two months. During the first week of this month, the token retested the $80 mark, range low, and a long rejection wick was spotted.

Afterward, a sustained accumulation was noted, and the token recuperated more than 40% of the gains from the bottom. $AAVE price action signified a follow-on buying action, and bulls are seeking to cross the $120 mark, the upper range cluster.

A daily close above the $120 mark would permit the bulls to challenge the next resistance near the $135. The $150 mark will follow this in the near term.

@CryptoTony, in his tweet, mentioned that $AAVE looks good and gives an opportunity to enter a long trade.

When writing,the $AAVE price traded at $113.76 and sat at the 47th rank with a market cap of $1.72 Billion.

Over the last 24 hours, the token has surged over 4.30% with a decent volume spurt. Meanwhile, the token has spiked more than 25% in a week, revealing bullish projections.

This recent surge in the token price has underscored growing investor confidence and demand resurgence for it.

The Relative Strength Index (RSI) looks overbought, having a reading of 60. Progressively, the RSI has soared alongside the price, demonstrating sustained buying pressure.

Similarly, the Awesome Oscillator (AO), revealing a value of 5.94, indicated a positive momentum in the market.

The Total Value Locked (TVL) Noted a Remarkable Rise

Following the bullish price projections, the token’s TVL witnessed a steady rise and articulated the ecosystem’s growth.

TVL Data | Source: DeFiLlama

The rising TVL signified confidence and positive sentiment among the investors, hence the bullish trend. $AAVE had a TVL of $11.48 Billion at press time.

$AAVE Token’s Total Liquidations Favor the Bullish Trend

When writing, the short liquidations were noted at $50.85k. Meanwhile, the long liquidations were at $2.89k, signaling buying pressure.

Total Liquidations Data Source: CoinGlass

If the token continues to trade with the positive sentiment, it may reach the resistance zone of $125. The next resistance level for the token would be around the $130 mark.

Conversely, if it remained capped in the range, the token may revisit the support zone of $108 and then $105 in the short term.