A technical indicator analysis suggests AAVE may be poised for significant upward movement if it can overcome a crucial resistance barrier.
The SuperTrend indicator, understood as a trend-following tool, recently triggered a buy signal within the $160–$170 price range. Historical data reveals this signal has preceded substantial rallies in the past, including gains of 867% and 551%, indicating the potential for significant price appreciation should bullish momentum sustain.
Key technical levels are being closely monitored. The immediate and critical resistance resides near the $320 mark. Successfully breaching this level could propel AAVE towards subsequent targets in the $340–$360 zone. Conversely, notable support levels are established at $260 and $240, providing potential zones where buying interest might resurge during pullbacks.
Supporting the bullish inference, momentum indicators show strengthening buyer presence. The Relative Strength Index (RSI) currently reads a neutral-to-bullish 59.70, and a bullish crossover has been observed in the Moving Average Convergence Divergence (MACD) histogram. Further underpinning the positive sentiment, trading volume has risen to 43.71K, slightly above recent averages, signaling renewed market interest in AAVE.
Market observers warn, however, that failure to decisively clear the $320 hurdle could trigger a consolidation or a pullback toward the $280 or $260 support levels.