Aave’s recent price action shows amazing strength, climbing another 3.8% in the past 24 hours period and now up to 25% from Monday.
The token destroys by the main resistance to $ 311.50 with a rare volume, suggesting the potential for ongoing upward movements.
This technical breakout is supported by significant major development in decentralized financial space (DEFI). The US Securities and Exchange Commission on Monday held A circle discussion about the sector with basic numbers participating. There, the SEC Chair Atkins suggested to explore regulation exceptions for defi firms, spurring optimism for Defi’s future.
Market analysts remain optimistic about AAVE’s long-term potential, with some target settings as high as $ 1,000 per token, even if predictions should be approached with caution. The powerful basis of the platform and increasing its adoption position as a significant player in the emerging defi landscape.
Technical analysis
- The AAVE has established a significant high volume of support in the zone around $ 302.35-302.52, while breaking resistance to the level of $ 311.50 during the UTC 12:00 time with a rare volume (179,461 units) exceeding the 24-hour average of more than 140%.
- The overall range of 20.37 points (6.73%) highlighted an increase in volatility, with price action forming an ascending channel pattern and looking for momentum after integration between $ 305-310 for hours.
- A descending channel pattern formed after 13:30 seller who saw spike volume over 6,100 units at 13:32, with correction support near $ 312.00, representing a 38.2% fibonacci retracement of the previous upward move.
- The price combined between $ 312.00-312.60 in the final 15 minutes of reducing volume, suggesting potential stabilization before the next move movement.
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