Aave had been on a volatile upward trend. The cryptocurrency has been oscillating up and down and in recent timeframes, the uptrend had been broken. The end of the bullish momentum in the market also marked the end of bulls for Aave coin. At the time of press, the cryptocurrency stands at a price level of $317. The price has declined by 5% in the daily timeframe – a $15 drop – while the daily trading volume has gained by 10%. The weekly performance shows a minor gain of 1%. Aave coin is the twenty-eighth largest cryptocurrency with a Total Value Locked of $11 billion.
Technical analysis
The market sentiment for Aave continues to be bullish. Twelve of the total twenty-six technical indicators stand at a position of buy. Nine indicators of the rest are giving out a neutral position with five indicators bearish with a sell signal.
Aave has been identified to be operating in a triangular formation. The cryptocurrency has bene testing the upper and lower boundary as support and resistance. The past bullish week led the coin towards the upper boundary and is currently testing it. The price level of $320 is also acting as a strong resistance. Various other resistance levels also lie ahead for Aave at $400, $500 followed by a major resistance level at $580. However, the following resistance levels will only be activated if the coin is successful in breaking the current resistance. The ultimate price target – as identified by the trader’s analysis – lies at $881. Although it can be regarded as a very optimistic price target – which will only be activated if the bullish momentum helps Aave in breaking all major resistance levels.
Can Aave cross $800?
Is the price target too optimistic for Aave or is it achievable? Aave is one of the leading decentralized finance protocols which definitely has the potential to reach even higher. According to the estimates of Wallet Investor, the cryptocurrency’s price will be touching $800 in a year’s time while the five-year projection is at a staggering $2,550. Digital Coin Price also predicts $800 for Aave; however, it is to be achieved in 2025. Their projections show a price level of $1,171 for the coin by 2026.
