AAVE Breakout: Why A 1,710% Surge Is On The Horizon
2024-09-12

AAVE has been one of the altcoins that have seen a recovery in both volume and price over the last week. This comes with a jump in positive sentiment associated with the DeFi token, enabling bulls to reclaim control of the price once more. With this positive sentiment proliferating for the AAVE price, a pseudonymous crypto analyst who goes by Persis10t on TradingView has forecasted a rather bullish future for the cryptocurrency.
AAVE Breaks Out Of Triangle Pattern
According to the analysis shared by the crypto analyst on the TradingView website, the AAVE price had been trading inside a triangle pattern. This can be bearish for the price, given that triangle patterns tend to keep prices constrained to a tight range. However, the good news is that the AAVE price has now broken out of this triangle pattern.
This breakout signals the rise in momentum that has been pushing the price. Furthermore, it suggests that the AAVE price is ready to push upward with the rally. Despite the fact that the DeFi token has fallen back to retest its breakout level, the crypto analyst believes that this is a good thing and a positive sign for the cryptocurrency.
Other factors that support the bullishness include the fact that the AAVE price is being supported by the 100-day Moving Average on the weekly timeframe. This suggests bullishness both in the short and mid-term. Also, the notable rise in its 24-hour trading volume, which has remained consistent over the last few days, lends credence to this bullish narrative.
Last but not least on the list of bullish developments is a crossover on the 50-Day and 100-Day Moving Average. As the crypto analyst explains, this crossover is something that could fuel the AAVE price from here, helping it sustain its rally.
How Far Can The Price Go?
When it comes to how far the AAVE price can rise from here, the crypto analyst is incredibly optimistic about the future of cryptocurrency. While AAVE is currently trending around $150, the analyst believes that it is destined for four digits soon.
The chart shows that there will be corrections along the way, but ultimately expects it to breach the $1,000 level. At the very top of the rally, the crypto analyst puts the price at $2,516, which would be a 1,710% increase from its current price.
At the time of writing, the AAVE price is sitting at $151 after climbing 0.5% in the last day. Likewise, its daily trading volume is seeing a small uptick of 0.7%, putting it at $394.5 million.