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Cryptocurrency News Articles

Aave (AAVE) Is Poised for a Huge Breakout, Analyst Claims: Here Are the Key Bullish Signals

Nov 23, 2024 at 09:00 pm

In his most recent analysis, Popular TradingView analyst Alan Santana underlined in great detail that the long period of consolidation and modest expansion for Aave (AAVE) is at last ending.

Aave (AAVE) Is Poised for a Huge Breakout, Analyst Claims: Here Are the Key Bullish Signals

Popular TradingView analyst recently shared his analysis on Aave (AAVE) in which he highlights the ending period of consolidation and modest expansion for the token.

The analyst, known as Alan Santana, suggests that the market is poised for a huge breakout and the bulls are in control. He mentions specifically Cardano, Dogecoin, and XRP as having shown some remarkable increases.

In his analysis, Santana points out several key bullish signals and outlines his projections for Aave’s growth.

The analysis highlights that AAVE/USDT is trading above the MA200 on the weekly chart, indicating long-term bullish momentum.

A bullish cross between EMA55 and EMA89 is also observed, further bolstering the bull trend.

Notably, Aave reached its highest price since April 2022 in early November, a level not seen in over two years.

Santana's projections indicate that Aave could see an 800% total rise from its current price to a new all-time high (ATH). From its low in April 2023, the anticipated increase is over 2,200%.

This bullish outlook has sparked enthusiasm among investors and traders alike. “We are ready, the market and the altcoins are ready!,” Santana concludes.

At the time of writing, the token is trading at around $176.90, up 4.30% in the last 24 hours and 16.97% in the last 30 days. Notably, on-chain activity supports this increasing momentum.

According to a recent report by CryptoNews Flash, a dormant whale recently shifted 25,790 AAVE to MEXC, following a 1.5-year token ownership period.

The whale initially bought 27,263 AAVE tokens at an average price of $77.75 per token between April and June 2023, totaling an investment of $2.12 million.

On the other hand, as we previously covered, Aave Labs continues to push adoption with its innovative Sky Ave Force initiative, which aims to bridge USDS and strengthen the ties between traditional finance (TradFi) and decentralized finance (DeFi). The project has seen Aave's on-chain activity triple.

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