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HomeCrypto NewsAnalysisAAVE Reversal Rally Targets $200 as Whale Accumulates 47,991 Tokens

AAVE Reversal Rally Targets $200 as Whale Accumulates 47,991 Tokens

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With a trendline breakout rally surpassing $150, AAVE gains bullish momentum. Will this bull run hit $200?

With a bullish reversal gaining momentum, Aave has surged by 4.37% in the past 24 hours. The AAVE token is currently trading at $160.19, reflecting a total increase of 6.37% over the past seven days. Amid this surge, Aave stands out as one of the top-performing coins among the top 50 cryptocurrencies, boasting a market cap of $2.39 billion.

Over the last five days, AAVE has recorded four bullish candles, rising 17.84% from a 7-day low of $136.29. Will this bullish trend continue, pushing AAVE to $200 as the broader market recovers?

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AAVE Price Analysis

Starting the reversal rally with a morning star pattern and a double-bottom reversal in the daily chart, the AAVE token reveals a breakout rally. This prolongs the long-coming uptrend in the DeFi token with a new higher-low formation. 

As the DeFi token regains momentum after a minor pullback, the bulls are set to create a new swing high above the $178.56 peak. 

AAVE Price Chart
AAVE Price Chart

In the 4-hour chart, AAVE’s recovery run has broken a longstanding resistance trendline while maintaining the pullback phase. Following a post-retest reversal, the AAVE token has formed four consecutive bullish candles and crossed the 50% Fibonacci level at $157.54.

The daily RSI line has shown a significant bullish divergence in a double-bottom formation, supporting the bullish reversal. Additionally, with the increasing bullish momentum, the 4-hour RSI line has entered the overbought territory.

As bullish sentiment grows, the 50 and 100 EMA on the 4-hour chart are poised for a bullish crossover.

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AAVE Whale Inches Closer To Accumulating 50k AAVE Tokens

As the AAVE breakout rally gains momentum, the confidence of whales for the DeFi token is increasing. In a recent move, a whale purchased 16,818 AAVE tokens worth nearly $2.6 million. 

Furthermore, he borrowed 2 million GHO tokens to buy additional AAVE tokens. Over the past two days, the whale has purchased 47,991 AAVE tokens worth nearly $7.5 million. 

Will AAVE Continue The Bull Run To $200?

Based on the Fibonacci levels, AAVE’s trend reversal rally may encounter minor resistances at $168.24 and $176.25, corresponding to the 78.60% and 100% Fibonacci levels on the 4-hour chart, respectively. For potential new 52-week highs, the Fibonacci levels suggest price targets of $186.43 at the 1.272 extension and $199.38 at the 1.618 extension.

On the downside, crucial support levels for AAVE are found at $157.54, which aligns with the 50% Fibonacci level, and at $146.93, where the 200 EMA on the 4-hour chart resides.

DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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