With Donald Trump’s crypto project buying millions worth of Ethereum, Chainlink, and Aave, these tokens have witnessed an increased demand in the crypto market. Interestingly, the Aave price has surged 45% over the week, attaining a three-year high of $383.5 just a few hours ago. More importantly, the token price jumped from $260.53 to $383.5 within two to three days, bringing the biggest crypto rally of the week. However, the price has consolidated significantly from there, currently trading at $374.92, but the bears might take over next.
Crypto Analysts Predict a Pullback In Aave Price Rally
Aave is among the top cryptos to buy due to its earlier price rallies when it hit the ATH of $666.86. However, the price has moved significantly away from that after bearing a three-year-long consolidation until recently. In the one-month interval, the altcoin’s price has surged 114%, 45% over the week, and 3% in the last 24 hours, indicating a changing trend for the token.
Interestingly, this surge came with Trump’s win at the US election and his crypto project World Liberty Financial buying $12M worth of crypto, including AAVE. However, a few crypto analysts have predicted a major correction and pulldown. Ali, one such popular crypto analyst, has claimed that the social volume and positive sentiments around this token are soaring, which might result in pullbacks.
According to him, the crypto market often moved against the popular sentiment, which might initiate a pullback in the Aave price rally.
Interestingly, another crypto analyst has called AAVE a sleeping beast and that it is moving per the plan, which included a correction below the major supply zone before it breaks out.
Sorry for those who did not accumulate #AAVE 😢
Warned you it’s a sleeping beast🔥 $AAVE is going according to the plan👌
Now looking for some correction below the Major Supply Zone and then breakout of the one🚀 https://t.co/Fr1kuIwXVd pic.twitter.com/aWzSzRSeWE
— Alex Clay (@cryptclay) December 12, 2024
What Does The Technical Indicators Say?
Today’s Aave price ranged between $360.10-$388.94 but is currently at $374.92. This surge has pushed its market capitalization to $5.62B, making it the 28th biggest cryptocurrency per CoinmarketCap. It has caused heavy buying pressure on the token, as seen in the technical indicators and trading volume of $1.99B, which is up by 15.50%.
The RSI is still in the neutral zone, supporting the continuity of the trends. Moreover, most technical indicators, like moving average, MACD, and others, are in the buying zone. However, the momentum is hinting at the possibility of a trend reversal.
With that, the key level to watch is the key resistance at 386.53, as an increase above this could push the token to $444.34. However, if a pullback happened as analysts forecast, the price could move down to $270.92.
Is It The Peak or Aave Price Could Hit $500?
Over the month, AAVE has exhibited impressive performance, bringing investor’s trust back in the token. Meanwhile, the crypto market is fluctuating, with the Bitcoin price struggling near $100K. However, Aave price rally has been gaining momentum, but a few crypto analysts see a pulldown before the token moves to a new high. One called Posiedon predicted that the price would surge 4x from these levels. Moreover, the token’s technical charts indicated a strong buying pressure, which could push it to $500 or higher in the long run, leaving the possibility for Aave’s price to peak even higher from now.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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