- AAVE targeted $180-$200 as bullish pennant forms, signaling strong market potential ahead.
- Increased volume and MACD crossover hinted at bullish momentum, but traders eyed a potential pullback.
Aave [AAVE] is on the verge of another bullish breakout, according to crypto analyst World of Charts.
The analyst predicted that AAVE’s price could soon move toward the $180-$200 range, if a bullish pennant pattern plays out successfully.
As of press time, AAVE was trading at $134.67, representing a 6.30% increase in the past 24 hours and a 9.40% gain over the past seven days.
This outlook follows a recent prediction from the same analyst on the 4th of September, where AAVE experienced nearly 24% profit and was now breaking through another bullish pennant pattern in the hourly timeframe.
World of Charts forecasted a potential 20-25% price increase if this trend continues.
Technical indicators signal bullish sentiment
AAVE chart indicated a strong upward movement, with the price surpassing the key resistance level of $130. The Bollinger Bands were widening, suggesting heightened market volatility.
The price was trading near the upper band, which may signal overbought conditions, but the 20-period moving average provided support, hinting at sustained bullish momentum.
Source: TradingView
Additionally, the MACD indicator reflected continued bullish momentum, with the MACD line crossing above the signal line.
Although the histogram bars are shrinking, indicating a possible weakening of momentum, traders are closely monitoring for any potential bearish crossover.
Such a signal could lead to a trend reversal in the short term.
Trading volume reflects buyer interest
AAVE’s recent price surge has been supported by an increase in trading volume. Over the past 24 hours, AAVE has seen a trading volume of $338,983,007, signaling strong buyer interest.
However, the volume has started to show signs of tapering off slightly, raising concerns that buying pressure may be fading.
Analysts are closely watching for any volume spikes that could either confirm the continuation of upward momentum or signal the beginning of a correction.
The AAVE network has also demonstrated consistent growth in user activity. As of September 2024, the total number of addresses holding a balance has reached approximately 161.95k.
This growth trend reflects strong user retention and increased interest in the protocol, despite ongoing fluctuations in AAVE’s price.
Source: IntoTheBlock
According to data reported by AMBCrypto, the AAVE/USDT pair has shown steady price increases, forming a pattern of higher highs and higher lows.
Read Aave’s [AAVE] Price Prediction 2024–2025
The weekly candle recently closed above the true close of a consolidation range that has persisted for over 800 days.
Should AAVE’s price experience a pullback, analysts suggest that the $108 support zone will be critical for maintaining the upward trend.
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