AAVE sets $250 price target, but here’s what must happen first
The post AAVE sets $250 price target, but here’s what must happen first appeared on BitcoinEthereumNews.com.
AAVE broke out from accumulation, while approaching the key resistance at $250 with a strong RSI On-chain metrics, rising Open Interest, and liquidations pointed to sustained bullish momentum Aave [AAVE] has emerged as one of the most bullish tokens in the market, recently breaking out from its accumulation box on the weekly timeframe. Trading at $202.53 at press time, up 2.06% in the last 24 hours, the token seemed to be showing strong price action and momentum. As AAVE continues to climb, the key question is whether it can maintain this bullish momentum or face resistance at this level. Price action – Breakout and approaching resistance AAVE’s price action has been impressive, breaking out from its accumulation phase with a solid surge in value. With a value of $202.53 at press time, the token seemed to be testing higher price levels on its chart. In fact, the price is now approaching the critical resistance zone at $250 – A level that has historically posed challenges for AAVE. The Relative Strength Index (RSI) had a reading of 65.86, indicating strong bullish momentum while also suggesting that AAVE may be nearing overbought territory. Therefore, while the rally appears strong, the token may face some difficulty breaking through this key resistance. Source: TradingView On-chain signals – Bullish metrics support the rally The altcoin’s on-chain metrics offered additional evidence that the bullish momentum could continue. Network growth increased by 0.55%, reflecting rising activity and interest in the ecosystem. Furthermore, the “Into the Money” metric revealed a 1.49% hike, suggesting that more traders are entering profitable positions. Additionally, the concentration metric climbed by 0.34% while large transactions rose by 4.09% – A sign of strong demand from both retail and institutional investors. Consequently, these signals suggest that AAVE’s price hike has been being driven by…
Filed under: News - @ December 1, 2024 7:07 am