AAVE token is poised for a significant breakout after breaking above resistance levels and showing sustained buying pressure. According to analysis by expert Javon Marks, the asset could surge as much as 72% toward $628.5. This bullish outlook aligns with key technical indicators like higher highs and higher lows on the chart, suggesting a period of recovery after a multi-year downtrend.
The article details AAVE’s journey from a multi-year downtrend that started in mid-2021 to its current rebound. The momentum is driven by increasing DeFi activity and growing institutional interest. A key level for traders will be $360, serving as the immediate resistance. If AAVE breaches this mark, it could surge to $628.5. This potential upside aligns with a major price target of $1205.11.
The technical analysis highlights specific points and levels:
* Resistance Levels: The article focuses on key resistance levels like $360 and the broader breakout target at $628.5, indicating areas where selling pressure might build if AAVE continues to rise.
* Support Levels: The analysis also emphasizes support levels with the middle Bollinger Band at around $300, offering a critical safety net for short-term market direction.
* Momentum Indicators: A key indicator highlighted is the RSI at 65.11, suggesting strong buying momentum. However, it’s approaching overbought levels which may signal a pullback in the near future.
The article concludes that the medium-term outlook for AAVE remains bullish as long as prices maintain stability above $300. This indicates that the current uptrend has solid foundations and is expected to continue.
Share this article