With a breakout rally in the daily chart, AAVE reclaims $150 and prepares a bull run to the $182 milestone.
As the broader market recovery continues, ignoring the minor slip in Bitcoin with the Presidential debate, DeFi tokens are on the rise. From the Ethereum ecosystem, AAVE hits a 2-year high, and optimism gives a wedge breakout rally, with others signaling a demand surge.
So, let’s take a closer look at the AAVE price action to find the next target levels.
AAVE Breakout Run
With a 10.21% jump in the past 24 hours, AAVE has reclaimed the $150 psychological mark. Currently, with a market cap of $2.25 billion, the AAVE token price trades at $150.97.
In the daily chart, the AAVE token price reveals a massive trend reversal rally with a streak of bullish candles.
Based on the price action analysis, AAVE reveals a massive cup and handle pattern breakout with a neckline at $142.69. Further, the neckline coincides with the 100% Fibonacci level.
Currently, the AAVE token reveals a morning star pattern near the 20-day EMA, resulting in a recent surge in bullish momentum. The ongoing bull cycle accounts for a 21.07% rise with two consecutive massive bullish engulfing candles.
Further, the DeFi token creates a streak of three bullish candles with a fourth in the making, with an intraday gain of 0.30%.
Target Levels For AAVE
As the bullish momentum rises, the MACD indicator reveals a bullish crossover between the MACD and signal lines. Furthermore, the crucial EMAs 20, 50, 100, and 200 maintain a positive trend alignment. Hence, the technical indicators are bolstering a bullish trend in AAVE.
As the uptrend gains momentum, the next resistance levels for AAVE stand at the 1.272 and 1.618 Fibonacci levels equivalent to $160.19 and $182.45, respectively. On the flip side, a minor retest of the $142 breakout is possible which is the 100% Fibonacci level.
Optimistically, based on the cup and handle breakout, AAVE shows potential to surpass the $200 psychological mark.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
