- AAVE treasury has surpassed $200 Million for the very first time, and TVL is on its way to pierce its ATHs too.
- AAVE price has been following a dynamic support trendline, and the past week’s strongest momentum this year.
- Following its aggressive rally this month, with one analyst predicting a potential rise to $240 next.
AAVE price reached its all-time high of $670 in May 2021, but after facing several external challenges, the price plummeted to as low as $45. For years, it struggled to recover, with a lack of interest keeping its potential stifled.
However, 2024 has emerged as a promising year for the cryptocurrency market, marked by multiple ETF approvals and heightened interest following the recent elections.
In March 2024, as Bitcoin soared to $73,000, AAVE’s price rose to $153. With Bitcoin recently surpassing $82,000, AAVE’s price surged to $199.69 by November 2024.
On the daily chart, since July, AAVE price has been following a dynamic support trendline. The past week has shown the strongest momentum for the asset this year.
As of now, AAVE crypto price is up over 180% from its July low of $70 to $199. It is currently trading at $187.86 after a nearly 5% intraday dip.
Following its aggressive rally this month, many are speculating on various bullish scenarios, with one analyst predicting a potential rise to $240 next.
Continue reading for more insights into AAVE’s price movements.
With Insane Strength Post Elections, Analyst Believes AAVE Price Could Hit $240
AAVE crypto price demonstrated strong bullish momentum following the elections, rebounding aggressively from the $127 level, which aligned with key dynamic supports like the 200-day EMA band.
This rapid ascent brought the price to around $199, signaling significant buyer interest at lower levels. The ascent transformed the September high of $174 into a new support zone.
The price surge allowed AAVE to break through multiple resistance levels without significant pullbacks, reflecting robust bullish sentiment.
After surpassing the $174 threshold, the cryptocurrency maintained its upward momentum, briefly pausing at around $182 on November 8th before potentially continuing higher.
This upward movement has positioned AAVE crypto price favorably for a challenge of the weekly supply zone near $240.
Given the increased trading volume and sharp price rise, it appears well-equipped to test this higher resistance level.
The strong rally from the previous week suggests that if this momentum continues, AAVE price could exceed the $240 mark.
$AAVE
— Morani (@tradermorani) November 9, 2024
Insane strenght in the past days. Reclaimed the range and looks ready for a move into weekly supply around $240. #AAVE pic.twitter.com/Z79wt46x7M
Such a breakthrough would not only strengthen the bullish trend but also establish new support levels for future price consolidations.
A Look at AAVE Price Indicators
AAVE’s price has been climbing due to various factors in the market, showcasing impressive price action.
Analyzing its technical chart with several key indicators provides a clearer picture of AAVE’s potential next moves.
Firstly, the Relative Strength Index is currently positioned in a bullish zone, having slightly cooled to 66.12 after AAVE’s recent strength. This indicates that there is still room for the RSI to increase before reaching overheated-overbought conditions.
Additionally, both the MACD and AO are displaying strong green bars in their histogram, reinforcing the bullish sentiment. The Chaikin Money Flow also reflects significant money inflow this month, rising above the zero line to 0.24, further supporting AAVE’s positive outlook.
TVL Of AAVE Crypto on the Way to New Highs
AAVE asset‘s impressive performance in the DeFi sector is highlighted by significant growth in both Total Value Locked (TVL) and its Treasury assets.
Over the past year, TVL has surged from approximately $11 Billion to nearly $20 Billion, nearing an all-time high. At the same time, Treasury assets have experienced remarkable growth, surpassing the $200 Million mark for the first time in November 2024.
As of writing, AAVE crypto’s TVL stands at $17.137 Billion, while its Treasury has reached $202.94 Million.
This upward financial trend indicates a healthy influx of investment and confidence in AAVE’s platform. Their effective management and innovative initiatives have positioned AAVE for a new era of success within the DeFi space.
The steady rise in TVL suggests a growing user base and increased liquidity, which could strengthen AAVE’s market position.
.@aave is currently unstoppable. Its treasury just surpassed $200M for the first time ever, and TVL is on track to ATHs too.
— jfab.eth (@josefabregab) November 9, 2024
It’s unprecedented what @StaniKulechov, @lemiscate and @AaveChan have achieved in the past year.
The golden age of DeFi is indeed just about to start. pic.twitter.com/SJFsZirmeX
Furthermore, the substantial increase in Treasury funds provides the necessary resources for innovation, platform security, and expanded service offerings.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
