AAVE has been making a strong comeback after a prolonged crypto winter, signaling a potential trend reversal. The DeFi token’s price has surged by over 50% in the past 10 days, surpassing the crucial psychological level of $100. This bullish momentum has been fueled by increased whale activity and a growing number of daily active addresses.
Technical Analysis
AAVE’s weekly chart showcases a significant recovery from its 52-week low of $71.09. The token has experienced a 94% price increase, driven by two consecutive bullish candles and a 50.96% surge in the past two weeks.
The MACD indicator has formed a bullish crossover, suggesting a positive trend. Additionally, the alignment of the 50-week and 200-week EMAs indicates increasing bullish influence.
Whale Activity and Growing Interest
Intotheblock’s data reveals a surge in daily active addresses on the AAVE network, reaching a one-year high of 1.73K. This indicates growing interest and potential for future price appreciation.
Whales have also been actively accumulating AAVE. Notable transactions include a whale purchasing 50,908 AAVE tokens for approximately $6.65 million and another acquiring 11,101 AAVE tokens for $1.45 million. These large-scale purchases suggest strong confidence in AAVE’s future.
Also Read: AAVE Supply Drops By $18.4 Million – Smart Money Wallets Accumulate In Low Seven-Figure Range
Price Prediction
Based on Fibonacci levels, AAVE’s uptrend is poised to challenge the 23.60% Fibonacci level at $159.51. If the token successfully breaks through this resistance, it could aim for the 50% Fibonacci level at $286, representing a potential 106% increase from current levels.
AAVE’s recent price surge and increased whale activity suggest a bullish outlook for the DeFi token. If the current momentum continues, AAVE could surpass $200 and potentially reach higher price targets in the coming weeks. However, it’s essential to conduct thorough research and consider market volatility before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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