[Will AAVE rise 33% this week to break $150? 】
Traders are anticipating a bullish move this week amid a market recovery. As an outstanding altcoin, AAVE’s recent breakthrough rally is gathering momentum, making people pay attention to whether they should consider buying it.
Looking at the daily chart, AAVE's price broke out after consolidating, signaling the beginning of a new bull cycle. AAVE is up 43% over the past 10 days, with eight bullish candles emerging in nine of those days, reflecting increased demand. In particular, a Morning Star pattern emerged at $110, pushing the price up by 16.54%.
Currently, AAVE is challenging the 78.60% Fibonacci level of $128.89, with intraday gains of 9.33% to trade at $129.22, hinting at a possible breakout. If the bull trend is to continue strongly, buyers will need to sustain a close above $128.
Technical indicators are also pointing to increased demand, with the MACD positive histogram rising and the 50-day and 200-day simple moving averages potentially forming a golden cross. On-chain data shows that AAVE's network activity has increased significantly, with transfer volume growing by 140.42%, active addresses increasing by 58.04%, and transaction volume growing by 29.52% in the past 24 hours.
If AAVE manages to break above $128, the next target could be the March 2024 high of $142 and possibly even $182, corresponding to the 1.618% Fibonacci level.
