With a bullish reversal rally gaining momentum, AAVE prepares a bull run above $200. Will this uptrend reach the 50% Fibonacci level at $286?
Recovering from a long crypto winter, a new bull cycle in AAVE teases a trend reversal to reclaim lost levels. Sustaining dominance above the $100 psychological level, the bull run in AAVE accounts for a 50% surge in the last 10 days.
Amid the rising interest of whales and surge in daily addresses, AAVE is ready to surpass $200. So, let’s take a closer look at the AAVE price chart to find out the upside potential in this DeFi token.
Recovery Run Fuels AAVE Bullish Reversal
In the weekly chart, the bullish trend in AAVE comes after an extremely long period of consolidation below 200D EMA in 2022 and below $150 in 2023. However, the recent price reversal from the 52-week low of $71.09 accounts for a 94% gain.
Further, the recovery run in the last two weeks accounts for a 50.96% hike and two consecutive bullish candles. Currently, AAVE trades at $137.66 with an intraday gain of 6.77% and 9 green candles in the last 10 days.
The MACD line forms a bullish crossover against the signal line with a resurgence of positive histograms. Further, the 50-week and 200-week EMAs gain positive alignment in the increasing bullish influence.
Investors Line up for AAVE
In a recent tweet from Intotheblock, the daily active addresses in AAVE are on the rise. The number has increased to 1.73K new addresses, highest in the last one year.
Furthermore, the increasing interest of whales fuel the rising bullish sentiment in AAVE. In a recent buying spree, the whale 0xa923 spent 2,575 $stETH worth around $6.65M to buy 50,908 AAVE token. The average price of the purchase session comes at $131. Hence, the whale is at a profit of 4.22% at current market price.
The second whale 0x0945 managed to buy AAVE at a dollar discount with an average price of $130. During the buying spree, the whale bought 11,101 AAVE tokens in exchange of 563 $ETH worth $1.45M.
Will AAVE Price Surpass $250?
Based on the Fibonacci levels, the uptrend in AAVE is ready to challenge the 23.60% Fibonacci level at $159.51. As the number of bullish catalysts rise, the breakout possibility increases for the DeFi token.
A breakout run can aim for the 50% Fibonacci level at $286, a 106% rise in the coming weeks.
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Source: https://thecryptobasic.com/2024/08/21/growing-whales-interest-in-aave-teases-a-106-breakout-run/?utm_source=rss&utm_medium=rss&utm_campaign=growing-whales-interest-in-aave-teases-a-106-breakout-run