Over the past week, #AAVE has continued to rise strongly, defying supply pressure from the broader market

While Bitcoin price retreated from $70,000 on Monday, again bringing supply pressure to the entire altcoin market, $AAVE has remained strong, with the asset just 8% away from achieving a breakout

During the market recovery in July, AAVE price surged from $71 to $107.13, a 50% increase. The second sharp pullback from $71 in three months highlights investors’ interest in buying on dips and presents a double bottom formation. This bullish pattern forms when prices bounce off nearly identical support levels, forming a “W”-shaped structure.

The momentum indicator Relative Strength Index (RSI) is forming with higher lows to support the bullish narrative, indicating rising demand pressure at the bottom

In addition, the 50-day exponential moving average (EMA) is about to cross above the 200-day EMA, which would give a buy signal. The altcoin is trading above the daily EMAs (20, 50, 100, and 200), indicating that today, AAVE price is $106.5, up 1.2% intraday. The market capitalization has jumped to $1.58 billion in a row

Under the influence of the double bottom, AAVE price may rise by 8% to challenge the next resistance level of $114.7. The potential target of the double bottom pattern is determined by measuring the distance between the bottom support level and the neckline. This distance is then added to the breakout point to estimate the distance of the upcoming rally

If buyers turn this resistance level into a potential support level, the rebound target after the breakout may be 38% to $157

The potential rally may face resistance between $134 and $153.7

On the contrary, the resistance level of $114.7 will be difficult to break. If Bitcoin price continues to struggle in the $70,000 supply zone, most major altcoins including AAVE will stall their recovery momentum

A reversal from $114.7 is possible, which will invalidate the bullish thesis and long-term consolidation. A decline after the reversal could drop AAVE price back to $71, bringing demand pressure again#美联储何时降息？ #超级央行周 $BTC