AAVE Breaks Out, Jumps 11.78% Amid Bullish Signals
The Most Important Points at a Glance
Aave (AAVE) has experienced a significant price increase and managed to break out of a descending wedge pattern. The cryptocurrency rose by 11.78% and is currently trading at 232 USD. A weekly token buyback program worth 1 million USD, along with increased activity from large investors, suggests a possible continuation of the upward trend.
Technical Analysis: AAVE Breaks Through Resistance
Since the beginning of the year, AAVE has been moving within a descending wedge pattern. Multiple tests of the descending resistance line eventually led to a breakout above the 220 USD mark. According to an analysis by WorldOfCharts, the price could rise to 258 USD in the medium term, while in the long term, the psychologically significant level of 350 USD is being targeted.
The Relative Strength Index (RSI) is currently at 49, indicating further buying potential. Additionally, moving averages, the MACD (Moving Average Convergence Divergence), and other momentum indicators signal a buying opportunity, further strengthening the breakout.
On-Chain Data Supports Bullish Outlook
According to data from IntoTheBlock, large investors hold about 80% of the AAVE supply, with 56% of these holdings currently in profit. Since many of these investors are already in the green, this could lead to further accumulation and buying pressure, potentially driving the price toward the 258 USD mark.
Additionally, transactions over 100,000 USD increased to 903.66 million USD in the past week, indicating growing interest from institutional investors. At the same time, blockchain activity has increased, reflected in a rising number of active addresses.
Market Outlook: AAVE Could Continue to Rise
The Aave protocol has announced a weekly buyback program worth 1 million USD to reduce the supply of AAVE tokens. This measure could further support the recent price increase.
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The long-short ratio rose from 1.4 to 1.5 within four hours, suggesting that more traders are betting on rising prices. The breakout from the downtrend, combined with positive governance updates, could attract institutional investors speculating on long-term gains.
If buying pressure continues, AAVE could break through the resistance at 258 USD and approach the next target at 350 USD. Monitoring large investor activity and network dynamics will be crucial in better assessing future price movements.
Our Assessment
AAVE is currently showing strong bullish signals, supported by technical indicators and on-chain data. The buyback program and increasing interest from institutional investors could further drive the price. However, it remains important to closely monitor market movements, particularly regarding resistance levels and the behavior of large investors.
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