The post Aave breaks key resistance: Will this set the stage for a rally past $200? appeared on BitcoinEthereumNews.com.

Aave breaks above a descending trendline resistance. Aave’s outperformance of other lending protocols to add momentum. Aave’s [AAVE] recent performance on the charts has been impressive, particularly on the 4-hour timeframe, where it broke out of a descending triangle. This breakout signals the continuation of the uptrend that began in August. After a 2-year consolidation, Aave’s price is now on the rise, with today’s price surge of over 5%, bringing it above the $160 mark. This breakout from accumulation suggests  it’s primed for a move toward the $200 level, a key target it failed to hit during its initial breakout. If market momentum persists, it could surpass this level before the end of the year. Source: TradingView It’s USDT pair reveals the recent rejection at the $135 level three times. The third attempt led to a breakout above the upper trendline of the descending triangle, adding further confidence in a move higher. With Bitcoin reclaiming the $64K level, it has set the stage for altcoins to rally in the final quarter of the year. Aave’s active loans share  Aave’s dominance in the DeFi lending space has continued to grow. Over the past six months, Aave’s share of active loans has risen from 58% to 70%, positioning it as a key player in the market. Aave’s Sky Force dominance increased from 70% to 83%, showing that the token is gaining traction and potentially on track for a run beyond $200, driven by its lending success and market momentum. Source: Token Terminal Whale activity  Whale activity is also supporting the bullish outlook. Recently, a whale made significant purchases, accumulating 47,991 AAVE worth $7.45 million. This whale first bought 31,173 tokens, worth $4.8 million, and later added another 16,818, worth $2.59 million, signaling strong confidence in AAVE’s future performance. The whale’s actions suggest…

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Filed under: News - @ October 15, 2024 9:23 am