AAVE price surge has pushed it past a 2-year range, signaling potential for a strong upswing.
The continuous upward trend, despite the market volatility, makes the AAVE token one of the best-performing cryptocurrencies in the market. Throughout August, the token keeps on growing and remains in a few of the tokens spreading green candles on the graph.
The asset recently broke the past 2 years’ price range, attracting the attention of investors and analysts, as its recent performance suggests a strong upward trend is about to come. During this journey, the token gained 43.7% in its price during the last 30 days of trade.
During the market crash on August 5, the asset dropped its value by over 28% to $79 but regained its positive momentum by crossing various resistance levels. The asset is now trading for $134 as per CoinMarketCap data.
The recent up-triangle has shifted AAVE’s price up by 33 percent. 3% in the past week and 35. 5% in the course of the last two weeks, and it was already at levels in some weeks of Q1 2021. The token attempted to touch the $120 resistance level on Monday and by Tuesday it surpassed the mark.
AAVE has been pushed up 33% by the recent burst of bullish momentum. 3% and it has increased to 35% in the past week, Yani said. 5 percent over the last two weeks, and it has come out strongly in the last week to show levels not seen since the first quarter of this year. On Monday the token again approached the $120 level and on Tuesday the token bounced through this level.
This performance means an exit from a multi-year accumulation range, which was violated only during the rally in March. At that time, the price of AAVE crossed the $150 resistance level, which has not been registered since the beginning of this year.
Whales have woken up to notice AAVE performing, most recently buying and withdrawing more than 31,407 tokens worth about $3. 92 million. Several market analysts have focused on the token’s price prospects as has been established by these two observations and in this case, it could be said that the token is one of the few ‘alts’ that look interesting.
Are you expecting a major rally or a market correction?
More highs are expected from the AAVE, as Deen crypto trader also posted on X, expecting the toke to break above the $154 mark. As of today‘s trade, the token crossed the five of $130 and reached the high of $140, showing the potential of touching a new milestone shortly.
Other market observers have also been pointing to AAVE’s performance and its potential to shoot towards the $264 to $294 price mark. Crypto trader Suen also supports this idea saying that the token ‘may also be targeted in Q4 this year’.
However, there are signs of optimism and as has been said by Ali Martinez on X there might be a massive correction soon for AAVE. The TD Sequential recently flashed a sell signal on the daily chart of the token. Thus, the last four times when this signal was launched, the token was corrected on average at the level of 27% subsequently.
