Top analyst, World of Charts, shared that AAVE’s price may be positioned for a move similar to its previous rally of over 45% after a bullish breakout, suggesting that the token could reach the $220 range. The setup on the chart supports this projection, with historical price action and strong technical indicators pointing toward a promising outlook for AAVE.
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Show more +AAVE Chart Analysis: Bullish Ascending Triangle Signals Potential Upside
The recent price movements for AAVE show the formation and breakout of an ascending triangle pattern, a classic bullish indicator. This structure typically involves a rising support line pushing against a flat resistance line, with the convergence often leading to an upward breakout.
AAVE’s price has already surged after breaking out of this pattern, confirming the bullish trend. This setup is reminiscent of the previous breakout seen in September, where AAVE gained momentum and surged past its consolidation zone. World Of Charts suggests that, if this pattern continues, AAVE could achieve further gains and potentially approach the $220 mark.
Key Support and Resistance Levels
In this breakout structure, the levels around $160 to $170 have acted as a significant resistance point, marking a psychological barrier for AAVE’s price. The upward surge above this zone indicates strengthened buying pressure.
The ascending support line, which has consistently held as a foundation for AAVE’s price action, confirms the growing interest from buyers at every price dip. This dynamic support line enhances the bullish outlook, reinforcing the potential for further gains if AAVE remains above this level.
Read Also: Why Is THORChain (RUNE) Price Up? Here’s the Bullish Outlook!
Tweet Analysis and Market Sentiment
The tweet from World Of Charts underscores the optimistic sentiment surrounding AAVE’s current setup. Describing the structure as a “bullish pennant,” the analyst anticipates that, with a successful breakout, AAVE could replicate its previous gains.
Such statements from experienced analysts amplify the market interest, driving attention to AAVE’s potential rally. This forecast aligns with technical indicators observed on the chart, reinforcing a positive outlook if bullish momentum sustains.
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