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With a breakout rally in the daily chart, AAVE reclaims $150 and prepares a bull run to the $182 milestone.
As the broader market recovery continues, ignoring the minor slip in Bitcoin with the Presidential debate, DeFi tokens are on the rise. From the Ethereum ecosystem, AAVE hits a 2-year high, and optimism gives a wedge breakout rally, with others signaling a demand surge.
So, let’s take a closer look at the AAVE price action to find the next target levels.
AAVE Breakout Run
With a 10.21% jump in the past 24 hours, AAVE has reclaimed the $150 psychological mark. Currently, with a market cap of $2.25 billion, the AAVE token price trades at $150.97.
In the daily chart, the AAVE token price reveals a massive trend reversal rally with a streak of bullish candles.
Based on the price action analysis, AAVE reveals a massive cup and handle pattern breakout with a neckline at $142.69. Further, the neckline coincides with the 100% Fibonacci level.
Currently, the AAVE token reveals a morning star pattern near the 20-day EMA, resulting in a recent surge in bullish momentum. The ongoing bull cycle accounts for a 21.07% rise with two consecutive massive bullish engulfing candles.
Further, the DeFi token creates a streak of three bullish candles with a fourth in the making, with an intraday gain of 0.30%.
Target Levels For AAVE
As the bullish momentum rises, the MACD indicator reveals a bullish crossover between the MACD and signal lines. Furthermore, the crucial EMAs 20, 50, 100, and 200 maintain a positive trend alignment. Hence, the technical indicators are bolstering a bullish trend in AAVE.
As the uptrend gains momentum, the next resistance levels for AAVE stand at the 1.272 and 1.618 Fibonacci levels equivalent to $160.19 and $182.45, respectively. On the flip side, a minor retest of the $142 breakout is possible which is the 100% Fibonacci level.
Optimistically, based on the cup and handle breakout, AAVE shows potential to surpass the $200 psychological mark.