November 6, 2023

AAVE's Remarkable Recovery: Heading Towards $100?

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

The AAVE token has entered a vigorous recovery phase, experiencing a remarkable ascent of 56.36% in just three weeks. Currently trading at $96.8, the token has broken free from a 16-month chart pattern, signaling a potential trend reversal.

AAVE's Remarkable Recovery: Heading Towards $100?

Is AAVE Heading to the $100 Mark?

Efforts to breach the $100 barrier have been met with selling pressure, reflecting market hesitation. However, recent buying pressure in the altcoin market has caused the AAVE price to jump 8% and rechallenge the $98-$100 resistance level. A breakout above this barrier would intensify buying momentum and extend bullish trends.

Key Levels to Watch

While the AAVE price is optimistic, the significant resistance at $100 could lead to a modest retracement. Previous pullbacks during the two-month rally did not exceed the 38.2% or 50% Fibonacci retracement levels. If a pullback occurs, buyers can find robust support zones at $83.1 and $77.2.

The ongoing rally, influenced by the recently completed descending triangle pattern, is expected to reach the $124 mark, indicating a potential growth of 28.5%.

Takeaway: The AAVE coin has shown strong recovery and has the potential to break through the $100 resistance level. Buyers should watch for a breakout above this level, which could lead to further bullish trends. In case of a retracement, strong support zones can be found at $83.1 and $77.2.

About the author
Emily Tremblay
Emily Tremblay

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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