The post AAVE sets $200 price target – Can it deliver this time? appeared on BitcoinEthereumNews.com.

AAVE soared this week, outpacing top altcoins after a dip However, despite strong technical indicators, concerns have been starting to surface With its weekly gains surpassing some of the market’s leading altcoins, AAVE  has gained significant traction in this bullish cycle. Especially since its 24-hour trading volume rose by nearly 12% to $180 million. This rebound followed a recent plunge, as noted by another AMBCrypto report. Interestingly, with the RSI dipping into oversold territory at press time, the altcoin’s current price offers ample opportunity for traders to view it as a “dip,” before a massive parabolic surge. Especially with the bullish MACD crossover. Priced at $150 at the time of writing, can AAVE maintain its recovery and break through the critical resistance level at $200? With two recent failed attempts, it would be interesting to see if AAVE can finally make its move. Technical indicators support this scenario With AAVE valued at around $150, the potential for a rally to $200 is firmly on the table, especially with several positive technical indicators in play. However, this cycle tells a different story. Back in March, when BTC hit its ATH of $73k, AAVE enjoyed a sustained bull rally that lasted over a month, ultimately closing near its press time price. On the contrary, with BTC approaching a similar peak this time, AAVE has encountered some notable pullbacks. Since late September, its price has been consolidating, with four failed attempts to break through the $150 resistance level. Amid growing volatility driven by the upcoming elections, Bitcoin is likely to attract most of the liquidity. This could divert interest away from lower-cap altcoins. Source : Coinglass Additionally, there has been a significant hike in short positions within the derivatives market – A trend that makes sense given the current conditions. If this narrative…

---

Filed under: News - @ November 1, 2024 7:20 am