In a bearish crypto market where many altcoins are struggling to stay bullish and facing intense corrections, AAVE is showing signs of a strong recovery after a recent dip. AAVE seems ready for a breakout and could potentially reach the $150 mark.
However, it’s uncertain if this uptrend will withstand the broader market’s correction or if AAVE will drop below $100. With today’s growth suggesting a bullish reversal, AAVE aims for $150 this month. Let’s examine our AAVE price analysis to see if a 50% bull run is possible.
AAVE Price Analysis: Bullish Reversal and Potential Breakout
In the 1D chart, AAVE’s price trend shows a bullish cycle starting from $78, accounting for a 38% surge in the last four weeks. With a higher low formation, AAVE has reclaimed the psychological mark of $100 and the previous peak at $108.
1day chart aave price_TradingView
After concluding a sideways shift following a 35% drop in April, the ongoing recovery indicates a consolidation range breakout. By surpassing the overhead ceiling at $110, AAVE confirmed its bullish break with an overnight drop of 5.45%. Currently, AAVE trades at $112.48, with buyers making a comeback, signaling a post-retest reversal.
The bullish trend is supported by rising MACD and signal lines with positive histograms, bolstering the chances of an uptrend. Additionally, the daily RSI line nearing the overbought boundary reflects a similar possibility.
According to Fibonacci retracement levels, the 50% Fibonacci breakout suggests a potential bull run towards the 100% Fib level at $142. Optimistically, a push from a broader market recovery could drive the AAVE price beyond $150.
AAVE Price Forecast: Elliot Waves and Potential Targets
According to the Elliot Waves in the 4H chart, the impulse wave in AAVE completes at $116 and enters an ABC correction wave. Currently, the ABC pattern suggests a possible retest of the crucial $100 psychological mark.
AAVE Price Chart_TradingView
However, if supply pressure increases, AAVE’s market price could drop below $100, finding support at $95 or $90. On a positive note, the trend-based Fibonacci level in the 4H chart indicates a potential target of $149.79 at the 1.618 level.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
