- The live price of the Aave (AAVE) token is $96, and an intraday surge of over 1.02% was noted.
- Buyers have gained momentum and seek to cross the $100 mark ahead.
Aave is a defi platform that uses cryptocurrency to lend and borrow. Smart contracts manage the aspect of decentralized lending, borrowing, and collateral and have conditions predetermined on the usage of funds, treatment of collateral, and setting of fees.
Last week, the Aave token made a double bottom pattern, rebounded over 20%, and climbed above the key moving averages. Nonetheless, the token is approaching the $100 mark and is set for a breakout ahead.
The trading volume of AAVE has seen an increase of approximately 80%, with an increase in price of 14% on a weekly basis. In addition, AAVE has added 18.09% to its portfolio and is eyeing to breach the downward trendline hurdle, which was placed around the $105 mark.
At press time, the AAVE price traded at $96.10 with an intraday surge of 1.06%, reflecting buying momentum in the past sessions. It has a monthly return ratio of -620% and 36.40% yearly, reflecting long consolidation.
The pair of AAVE /BTC is at 0.00156 BTC, and the market cap is $1.45 Billion. Analysts are neutral and suggest that the AAVE price may register a range breakout and soon cross the $110 mark.
Could AAVE Unlock a Rally Beyond the $100 Mark?
The AAVE token has retained bullish momentum and gained traction in past trading sessions. Despite the lower low formations, the reversal is on the horizon and the token might accelerate beyond the $100 mark.
A break and close above the $105 mark would trigger a sharp upmove, and the token might sprint toward the $120 mark. Conversely, if it fails to cross the $100 mark, it could face a rejection and would retest the $90 mark ahead.
Notably, from the start of 2024, the token was traded upbeat. Its investors are patiently waiting for the rise and still hold long positions.
Source: Santiment
Per the Fib levels, the token was trading close to the 38.2% zone, and it has the potential to sprint toward the 50% and 61.8% zone, which was placed around $110 and $120.
The AAVE token has gained positive sentiments, and the short-term bullish trend is intact. Until the bulls secured the $90 mark, the doors toward the $110 mark were on the horizon for the bulls.
The RSI curve witnessed a positive crossover and sharply spiked to the overbought zone, signifying an optimistic outlook.
Likewise, the MACD indicator began to plot the green bars on the histogram and revealed a bullish momentum on the charts.
@CryptoRand, in his tweet, revealed that AAVE looks bullish and is set for a breakout ahead.
$AAVE looking primed here, consolidating the breakout: pic.twitter.com/6DBa7w7oAk
— Crypto Rand (@crypto_rand) June 28, 2024
Source: X
Surge In Popularity
The Social Dominance data witnessed a consistent surge and soared over 12% to 0.125%, revealing the increase in the media reports.
Source: Santiment
The development activity data remained flat and stayed close to 10.45, which witnessed a neutral outlook.
The immediate support levels for the AAVE token are $91 and $85, whereas the key upside hurdle is around $100, followed by $105.
Set for a Blast?
The AAVE token price climbed above the 20-day EMA mark and is trying to approach the $100 mark. Its key metrics revealed bullishness and signified that the token is set for a massive blast ahead.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.