AAVE Price Showed Bullishness: Can It Regain the $200 Mark Soon

• Aave price has surged by 40% in a week and reached a resistance level.
• The trading volume has increased by 120% in the past 24 hours.

The AAVE price has witnessed strong buying pressure for a week and has jumped by 40. Since April, the price has defended the $80 mark, and buyers have won the battle. The price has taken support on the 200-day EMA and performed positively.

Over a longer time frame, the AAVE crypto price has remained positive since mid-2022. It has risen by 17% in less than two days, showcasing the buyers’ interest. According to the technical chart, it has the potential to keep surging.

Is AAVE Crypto Eyeing for a Massive Surge?

A source on X claimed that the AAVE crypto price is expected to shoot up after the breakout. On a daily time frame, the price has been in a consolidation phase for the past 2 years. 

If the price triggers a breakout from the consolidation phase, buyers may approach the $500 hurdle.

Is the Explosive Phase About to Come Soon in AAVE Crypto?

Based on a source on X, a giant phase is expected in the upcoming days. The price has been gearing up to break from the 800-day accumulation phase. 

After the breakout, a sharp buying momentum can be anticipated, and the price may approach the $200 mark in a few days.

Aave Price Overview

Aave crypto was being traded at $128.78 at the time of writing, which has surged by 8.50% in the past 24 hours. It has a market capitalization of $1.91 Billion, and the 24-hour trading volume is $323.00 Million. 

The circulating supply is 14,906,106 AAVE, and the total supply is 16,000,000 AAVE. Based on its trading volume, it has been ranked 19th in the cryptocurrency market. Also, its fully diluted market cap is $2.05 Billion.

AAVE Price Technical Analysis on a Daily Timeframe

In a daily time frame, the price has been rising to form higher highs and lower highs. According to the chart structure, the price has reached a higher high territory, and sellers may show interest.

As per the chart structure, the Aave price has reached the resistance level of $130. Strong buying momentum can be anticipated if the digital asset price manages to surpass this mark. 

On the other hand, if the AAVE price faces resistance from the $130 mark, sellers may show interest. If the price slips below the 20-day EMA, sellers may dominate, and the price might keep consolidating for longer.

Turning to the technical indicators, the AAVE price traded over the key moving averages, demonstrating the buyers’ interest. The RSI has displayed a bullish crossover with the RSI-based moving average and heading for the overbought zone.

AAVE Price Forecast

The AAVE cryptocurrency has shown significant bullish momentum, with a notable price and trading volume surge. It has demonstrated resilience by defending key support levels and has the potential for upward movement. 

Technical analysis suggested the possibility of a breakout and a potential surge towards the $200 mark shortly. However, monitoring the resistance level at $130 is important, as a breakout from this level could indicate strong buying momentum. 

Technical Levels

The AAVE crypto price is expected to face resistance from the $130 and $195 levels. It may take support at the $90 and $80 mark.

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.

Rajat Arya

Rajat is an MBA graduate specialized in finance who is a motivated self-starter, highly organized, and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. His primary focus is on cryptocurrency price analysis and industry news coverage.