An analysis of AAVE's recent price action reveals strong bullish momentum, with prominent crypto analyst McKenna highlighting a potential rally for the token.
Key Support and Resistance Levels
AAVE’s price movement has shown clear support and resistance levels. The primary support level around $120 has historically served as a base for growth. Another notable support level is around $78.89. On the resistance side, AAVE recently broke through a key zone in the $160-$165 range, clearing the path toward $201.67. Analyst McKenna suggests limited resistance beyond this point, possibly leading to a rise to $260.
Bullish Price Action and Breakout Signals
The AAVE chart reveals a strong upward movement often called a 'God candle' by traders, indicating significant buying pressure. Closing above previous highs around $160 marks the end of consolidation and the start of a new bullish trend. This emergence highlights AAVE's potential for continued gains, aligning with McKenna's assertion of 'clear skies' for the asset.
Uptrend Continuation
AAVE's price has been rising steadily since early 2023, with each low and high surpassing its predecessor, reflecting positive market sentiment. AAVE has broken out of its former price range of $120-$160. McKenna indicates this trend may reflect a broader reevaluation within the DeFi sector, attracting renewed attention.
DeFi market analysis confirms AAVE's uptrend, with support at $120 and $160. If current bullish momentum persists, reaching the $260 level is projected.
