Will AAVE surpass the 78.60% Fibonacci level neckline at $128 for a sprint to $200 this week?
Amidst the recovering market, traders are expecting a bullish week ahead. Among the high-performing altcoins, AAVE stands prominently, with a breakout rally gaining momentum.
With the support of improving on-chain data, the altcoin is ready for a moonshot. So, should you consider buying AAVE this week?
AAVE at 78.60% Fib Level Hits a Crossroads
In the daily chart, AAVE’s price action reveals a consolidation breakout, signaling the start of a new bullish cycle. Over the past ten days, AAVE has experienced a 43% surge, driven by a series of 8 bullish daily candles over the past 9 days, reflecting increasing demand.
Notably, a morning star pattern formed at $110, with three consecutive bullish candles resulting in a 16.54% rise since the last bearish candle.
Currently, AAVE is challenging the 78.60% Fibonacci level at $128.89 and is trading at $129.22, with an intraday gain of 9.33%, hinting at a potential breakout. For the uptrend to continue strongly, buyers need to sustain the closing price above $128.
The rising demand is also reflected in technical indicators, with the MACD showing a surge in positive histograms and a potential golden crossover between the 50-day and 200-day SMAs.
AAVE Expansion Fuels Upside Potential
The on-chain data for AAVE shows a significant uptick in network activity. In support of the high-momentum bull run, AAVE witnessed a 140.42% increase in transfer volume. Furthermore, a 58.04% rise in active addresses and a 29.52% growth in transactions are seen over the last 24 hours.
The surge in the on-chain data bolsters the bullish trends in the AAVE price. Further, the conditions are favorable for uptrend continuation, increasing breakout run chances.
Will AAVE Surpass $150?
A successful breakout above $128 would likely target the $142 level, which peaked in March 2024. Based on Fibonacci levels, the next bullish target could be $182, corresponding to the 1.618% Fibonacci level.
Conversely, a minor pullback to $120 or $110 remains possible.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/08/20/will-aave-surpass-150-for-a-33-hike-this-week/?utm_source=rss&utm_medium=rss&utm_campaign=will-aave-surpass-150-for-a-33-hike-this-week