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Cryptocurrency News Articles
Aave (AAVE) Price Prediction: AAVE Rally Appears Imminent, But Can It Break Decisive Resistance?
Sep 20, 2024 at 08:00 am
As of press time, Aave [AAVE] achieved a 6.63% rise over the past 24 hours, despite its inconsistent performance over the week. Maintaining this momentum could nullify the week's losses and position AAVE for a higher trajectory than observed in the last two weeks.
After a 6.63% rise in the past 24 hours, Aave’s [AAVE] rally appeared to be gaining momentum at press time. Despite showing some resilience against the bearish wave, AAVE’s performance over the past week remained largely dull, with a 0.84% loss.
However, maintaining this momentum could help AAVE traders nullify the week’s losses and set the token up for a higher trajectory than we’ve seen in the last two weeks, where AAVE lost 13.03%.
Is a significant AAVE rally on the horizon, or is it still some way off? Continue reading to find out.
AAVE’s rally appears to be imminent, as the token’s efforts to breach the resistance at $153.72 were evident at press time. This level of resistance has been known to attract significant selling pressure, driving the price down on three separate occasions.
If AAVE manages to push through this resistance, the next target would be $236.45, where a large liquidity cluster was indicated on Hyblock’s liquidation chart.
However, a nearer target could be at $162.60, a level with nearby resting liquidity.
Should AAVE fail to attract traders at this juncture, the price might fall to $113.50, another area with a notable concentration of liquidity.
A large number of traders were “In the Money” at press time, suggesting that holding AAVE has been profitable, with 9.06K addresses, or 71.04%, of all AAVE holders were “In the Money.”
This level of profitability could encourage traders to hold on to their AAVE, potentially driving the price up further.
Active addresses were down by 46.48%, which was a bullish indicator, signaling that fewer holders were inclined to sell and preferred to hold their assets instead.
This trend was also supported by a decrease in AAVE’s circulating supply on exchanges over the last 24 hours, which indicated a strong holding pattern among investors.
AAVE’s 12.84% growth over the past 30 days has hit a roadblock as the token failed to cross a significant resistance zone on its third attempt.
After bouncing twice off the lower support at $142.69, AAVE was preparing for another try at breaching this critical level, which ranged between $142.69 and $153.72.
Analysis from AMBCrypto suggested that AAVE was set to break past this barrier, as it traded within an ascending triangle—a pattern well-known for its bullish implications.
A successful breakout from the ascending triangle could see AAVE follow its previous trajectory from the base to the upper boundary of the ascending channel, potentially reaching as high as $236.45, marked with a black arrow on the chart.
On the other hand, if the ascending channel breaks down, AAVE could see a decline to $116, a figure closely aligned with the $113.50 liquidation point highlighted on Hyblock’s liquidation charts.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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