AAVE Breakout: Why A 1,710% Surge Is On The Horizon
12 Septiembre 2024 - 7:30AM
NEWSBTC
AAVE has been one of the altcoins that have seen a recovery in both
volume and price over the last week. This comes with a jump in
positive sentiment associated with the DeFi token, enabling bulls
to reclaim control of the price once more. With this positive
sentiment proliferating for the AAVE price, a pseudonymous crypto
analyst who goes by Persis10t on TradingView has forecasted a
rather bullish future for the cryptocurrency. AAVE Breaks Out Of
Triangle Pattern According to the analysis shared by the crypto
analyst on the TradingView website, the AAVE price had been trading
inside a triangle pattern. This can be bearish for the price, given
that triangle patterns tend to keep prices constrained to a tight
range. However, the good news is that the AAVE price has now broken
out of this triangle pattern. Related Reading: Why Bitcoin
Retesting $57,000 Is Good For The Price This breakout signals the
rise in momentum that has been pushing the price. Furthermore, it
suggests that the AAVE price is ready to push upward with the
rally. Despite the fact that the DeFi token has fallen back to
retest its breakout level, the crypto analyst believes that this is
a good thing and a positive sign for the cryptocurrency. Other
factors that support the bullishness include the fact that the AAVE
price is being supported by the 100-day Moving Average on the
weekly timeframe. This suggests bullishness both in the short and
mid-term. Also, the notable rise in its 24-hour trading volume,
which has remained consistent over the last few days, lends
credence to this bullish narrative. Last but not least on the list
of bullish developments is a crossover on the 50-Day and 100-Day
Moving Average. As the crypto analyst explains, this crossover is
something that could fuel the AAVE price from here, helping it
sustain its rally. How Far Can The Price Go? When it comes to how
far the AAVE price can rise from here, the crypto analyst is
incredibly optimistic about the future of cryptocurrency. While
AAVE is currently trending around $150, the analyst believes that
it is destined for four digits soon. Related Reading: End Of The
Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13 The
chart shows that there will be corrections along the way, but
ultimately expects it to breach the $1,000 level. At the very top
of the rally, the crypto analyst puts the price at $2,516, which
would be a 1,710% increase from its current price. At the time of
writing, the AAVE price is sitting at $151 after climbing 0.5% in
the last day. Likewise, its daily trading volume is seeing a small
uptick of 0.7%, putting it at $394.5 million. Featured image from
IQ.Wiki, chart from Tradingview.com
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