Amid easing tensions between Israel and Iran, the crypto market shows signs of recovery, particularly with significant growth in Ethereum and Aave.
Overview of the Current Market Situation
The cryptocurrency market is showing signs of recovery, with Ethereum (ETH) rising 7% to climb above the $2,450 mark. Altcoin Aave (AAVE) leads the charge with a 13% gain in the last 24 hours.
Fractal Analysis of Aave
A closer look at AAVE's daily chart reveals a striking similarity to its historic breakout in 2020–2021. After breaking out of a falling wedge, AAVE underwent a brief correction but found strong support at the 100-day moving average. Currently, AAVE has once again broken out of a falling wedge, bouncing off the 100-day moving average after a correction.
Future Prospects for Aave
If the fractal continues to play out, AAVE might be entering the early stages of another parabolic rally. Analysts speculate that the price could aim for levels beyond $750 and possibly even above, but AAVE will need to hold the 100-day MA and break above the recent high near $325 to confirm its strength.
The cryptocurrency market is showing optimism, and Aave, according to the fractal analysis, may be at the start of a new rally. Monitoring key levels will be crucial for confirming this momentum.
