AAVE Eyes $180-$200 Amid Bullish Technical Signals
The Key Points in Brief
- AAVE is on the verge of a potential price increase, with analysts forecasting a target of 180 to 200 USD.
- Technical indicators such as the MACD and Bollinger Bands support the bullish trend.
- Trading volume shows strong buyer interest, although there are signs that the pressure may ease.
- AAVE user activity remains stable and continues to show growth.
Technical Analysis Shows Bullish Momentum
According to the analyst “World of Charts,” the cryptocurrency AAVE is in a phase that points to an imminent price increase. The current price target is between 180 and 200 USD, provided the bullish pattern, known as a “Pennant,” is successfully completed. At the time of the analysis, AAVE was trading at 134.67 USD, which represents an increase of 6.3% in the last 24 hours and 9.4% over the last seven days.
This development follows an earlier forecast by the same analyst, published on September 4, 2024. At that time, AAVE gained nearly 24% before entering another bullish pattern. If the current trend continues, another increase of 20 to 25% is expected.
Indicators Point to Continued Upward Movement
Technical analysis shows that AAVE recently broke through the important resistance level at 130 USD. The Bollinger Bands, an indicator of volatility, are widening, which suggests increased market activity. The price is moving near the upper boundary of the bands, which could indicate overbought conditions. However, the 20-day moving average continues to provide support, indicating a continuation of the bullish trend.
The MACD (Moving Average Convergence Divergence) also shows a positive signal. The MACD line has crossed above the signal line, which is considered a bullish sign. Although the histogram bars are shrinking, indicating a weakening of momentum, traders are closely watching for a potential bearish crossover. Such a crossover could signal a short-term trend reversal.
Trading Volume and User Activity Remain Strong
Another important factor contributing to AAVE’s recent price increase is the rise in trading volume. In the last 24 hours, the volume reached 338,983,007 USD, indicating strong buyer interest. However, there are early signs that the volume is slightly decreasing, raising concerns that buying pressure may be easing. Analysts are closely monitoring whether there will be another increase in volume, which could either confirm the uptrend or signal a correction.
AAVE network activity also remains stable. By September 2024, the number of addresses holding a balance rose to approximately 161,950. This shows that interest in AAVE remains high despite price fluctuations, and the network continues to display strong user engagement.
Key Support and Resistance Levels
The AAVE/USDT pairing continues to show a pattern of higher highs and higher lows, indicating a positive price trajectory. The weekly candlestick chart recently closed above a consolidation zone that lasted over 800 days. Should a pullback occur, analysts see the support at 108 USD as crucial to maintaining the uptrend.
Our Assessment
AAVE currently shows strong signs of continuing its upward trend. The technical indicators and increased trading volume support this forecast. However, investors should be cautious as the volume is slightly decreasing, and overbought conditions may be present. A pullback to the support level at 108 USD is possible before the next significant rise occurs. It will be interesting to see if AAVE can reach the forecasted price target of 180 to 200 USD.
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