Aave [AAVE] Breaks Out of Descending Wedge, Suggesting Potential for Further Gains
The post Aave [AAVE] Breaks Out of Descending Wedge, Suggesting Potential for Further Gains appeared on BitcoinEthereumNews.com.
Aave (AAVE) has recently surged 11.78% following a breakout from a descending wedge pattern, signaling a potential bullish trend in the crypto market. The protocol’s upcoming governance updates, alongside significant whale accumulation and the introduction of a $1 million weekly buyback proposal, have fueled positive market sentiment. “Aave’s recent price momentum reinforces the resilience of decentralized finance protocols amidst market fluctuations,” said a COINOTAG analyst. Aave (AAVE) breaks above descending wedge, surges 11.78% as whale activity and buyback proposals indicate bullish market sentiment. Price action and technical indicators of AAVE’s breakout AAVE has exhibited noteworthy price action, having traded within a descending wedge pattern since early 2025. Following multiple tests of the descending resistance trendline, the coin finally broke above the $220 key resistance level, accompanied by price consolidation that points to a possible upward trajectory. According to analysis from WorldOfCharts shared on X (formerly Twitter), there is potential for AAVE to rally towards the $258 key resistance level in the mid-term, with eyes set on the historical $350 psychological barrier over the long haul. At the moment of writing, AAVE’s Relative Strength Index (RSI) stood at 49, indicating there is room for further buying opportunities. Additionally, the short-term and long-term moving averages, alongside the Moving Average Convergence Divergence (MACD) and momentum indicators, have flashed clear ‘buy’ signals, further validating the strength of this breakout. Source: TradingView On-chain insights supporting the recent price movement of AAVE Data from IntoTheBlock reveals that a remarkable 80% of AAVE tokens are held by large holders, with 56% of these investors currently seeing profits. This suggests that many whale investors are likely to continue accumulating, leading to an increase in buying pressure that could drive the price toward the $258 resistance level. Source: IntoTheBlock Furthermore, Aave has seen large transactions exceeding $100,000 totaling an…
Filed under: News - @ March 7, 2025 1:21 am