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Will AAVE surpass the 78.60% Fibonacci level neckline at $128 for a sprint to $200 this week?
Amidst the recovering market, traders are expecting a bullish week ahead. Among the high-performing altcoins, AAVE stands prominently, with a breakout rally gaining momentum.
With the support of improving on-chain data, the altcoin is ready for a moonshot. So, should you consider buying AAVE this week?
AAVE at 78.60% Fib Level Hits a Crossroads
In the daily chart, AAVE’s price action reveals a consolidation breakout, signaling the start of a new bullish cycle. Over the past ten days, AAVE has experienced a 43% surge, driven by a series of 8 bullish daily candles over the past 9 days, reflecting increasing demand.
Notably, a morning star pattern formed at $110, with three consecutive bullish candles resulting in a 16.54% rise since the last bearish candle.
Currently, AAVE is challenging the 78.60% Fibonacci level at $128.89 and is trading at $129.22, with an intraday gain of 9.33%, hinting at a potential breakout. For the uptrend to continue strongly, buyers need to sustain the closing price above $128.
The rising demand is also reflected in technical indicators, with the MACD showing a surge in positive histograms and a potential golden crossover between the 50-day and 200-day SMAs.
AAVE Expansion Fuels Upside Potential
The on-chain data for AAVE shows a significant uptick in network activity. In support of the high-momentum bull run, AAVE witnessed a 140.42% increase in transfer volume. Furthermore, a 58.04% rise in active addresses and a 29.52% growth in transactions are seen over the last 24 hours.
The surge in the on-chain data bolsters the bullish trends in the AAVE price. Further, the conditions are favorable for uptrend continuation, increasing breakout run chances.
Will AAVE Surpass $150?
A successful breakout above $128 would likely target the $142 level, which peaked in March 2024. Based on Fibonacci levels, the next bullish target could be $182, corresponding to the 1.618% Fibonacci level.
Conversely, a minor pullback to $120 or $110 remains possible.