The post Will AAVE crypto surge to $121? THIS key level has the answer appeared on BitcoinEthereumNews.com.

AAVE crypto experienced a bullish crossover, indicating that prices might rally higher in the near term. Open Interest has risen by 43.31%, showing a strong retail buying presence. Aave’s [AAVE] price surged by 7.22% in the last 24 hours while its trading volume nearly doubled to $220 million, a 93.26% increase, signaling high buyer and seller interaction. This surge in market activity can be linked to AAVE reaching a new all-time high in weekly DeFi borrowing volume in the past few days, as announced by founder Stani Kulechov. The recent rally propelled AAVE to trade at $104.73, and the token may continue its upward trajectory in the near term as well. Here’s why AMBCrypto considers further rises imminent. Is a $121 price target feasible for AAVE crypto? In the coming days, AAVE is set for a notable price increase, guided by the moving average convergence and divergence (MACD). The MACD, which identifies trends through the relationship between two moving averages, signals bullish sentiment when the MACD line (blue) crosses above the signal line (orange). This scenario is currently unfolding with AAVE, as its MACD line has crossed above its signal line, suggesting that bulls are poised to push the price further. Source: TradingView The rally could potentially boost AAVE to the $111.86 resistance region shortly. If the bullish momentum continues, AAVE might climb to $121.74—a target indicated by the Fibonacci retracement line and also a price level last reached in April 2024. Source: TradingView Should this level falter, AAVE might find support at $101.98, where significant buy orders are pending. Retail traders place buy bets Retail traders are increasingly bullish, placing buy bets in anticipation of a higher AAVE price, corroborated by a 43.31% increase in Open Interest to $94.24 million on Coinglass. Source: Coinglass This increase in Open Interest…

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Filed under: News - @ August 16, 2024 10:19 am