thecryptobasic.com
With a trendline breakout rally surpassing $150, AAVE gains bullish momentum. Will this bull run hit $200?
With a bullish reversal gaining momentum, Aave has surged by 4.37% in the past 24 hours. The AAVE token is currently trading at $160.19, reflecting a total increase of 6.37% over the past seven days. Amid this surge, Aave stands out as one of the top-performing coins among the top 50 cryptocurrencies, boasting a market cap of $2.39 billion.
Over the last five days, AAVE has recorded four bullish candles, rising 17.84% from a 7-day low of $136.29. Will this bullish trend continue, pushing AAVE to $200 as the broader market recovers?
AAVE Price Analysis
Starting the reversal rally with a morning star pattern and a double-bottom reversal in the daily chart, the AAVE token reveals a breakout rally. This prolongs the long-coming uptrend in the DeFi token with a new higher-low formation.
As the DeFi token regains momentum after a minor pullback, the bulls are set to create a new swing high above the $178.56 peak.
In the 4-hour chart, AAVE’s recovery run has broken a longstanding resistance trendline while maintaining the pullback phase. Following a post-retest reversal, the AAVE token has formed four consecutive bullish candles and crossed the 50% Fibonacci level at $157.54.
The daily RSI line has shown a significant bullish divergence in a double-bottom formation, supporting the bullish reversal. Additionally, with the increasing bullish momentum, the 4-hour RSI line has entered the overbought territory.
As bullish sentiment grows, the 50 and 100 EMA on the 4-hour chart are poised for a bullish crossover.
AAVE Whale Inches Closer To Accumulating 50k AAVE Tokens
As the AAVE breakout rally gains momentum, the confidence of whales for the DeFi token is increasing. In a recent move, a whale purchased 16,818 AAVE tokens worth nearly $2.6 million.
Furthermore, he borrowed 2 million GHO tokens to buy additional AAVE tokens. Over the past two days, the whale has purchased 47,991 AAVE tokens worth nearly $7.5 million.
Will AAVE Continue The Bull Run To $200?
Based on the Fibonacci levels, AAVE’s trend reversal rally may encounter minor resistances at $168.24 and $176.25, corresponding to the 78.60% and 100% Fibonacci levels on the 4-hour chart, respectively. For potential new 52-week highs, the Fibonacci levels suggest price targets of $186.43 at the 1.272 extension and $199.38 at the 1.618 extension.
On the downside, crucial support levels for AAVE are found at $157.54, which aligns with the 50% Fibonacci level, and at $146.93, where the 200 EMA on the 4-hour chart resides.