The recent Aave price action shows a remarkable strength and climbs another 3.8% in the last 24-hour period and now 25% have risen since Monday.
The token broke through the key resistance to $ 311.50 with an exceptional volume, which suggests that potential for continuous upward movement.
This technical outbreak was supported by considerable fundamental developments in the decentralized finance (Defi) space. The US Securities and Exchange Commission held a round table discussion on Monday about the sector with key figures that participated. There, SEC chairman Atkins suggested investigating regulatory exemptions for Defi companies, the optimism for the future of Defi.
Market analysts remain optimistic about Aave’s long -term potential, whereby some goals of setting $ 1,000 per token, although such predictions have to be approached with caution. The strong basic principles of the platform and the increasing adoption position it as an important player in the developing Defi landscape.
Technical analysis
- Aave established a significant support zone with a high volume around $ 302.35-302.52, while he broke up at the level of $ 311.50 during the 12:00 UTC hour with an exceptional volume (179,461 units) that exceeds the 24-hour average with more than 140%.
- The total reach of 20.37 points (6.73%) emphasizes increased volatility, whereby price action forms an increasing channel pattern and Momentum finds between $ 305-310 for a few hours after consolidating.
- A decreasing channel pattern formed after the 13:30 Sale that saw volume peak to more than 6,100 units at 13:32, with the support of the correction near $ 312.00, which represents a 38.2% Fibonacci retracement of the previous upward movement.
- Price consolidated between $ 312.00-312.60 in the last 15 minutes of decreasing volume, which indicates potential stabilization before the next directional movement.
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