The past week for AAVE was like binge-watching your favorite show; it started with some serious drama, plunging below the $300 mark. But just when you thought it was all over, cue the triumphant music — AAVE bounced back, soaring to $340 on Friday, January 31st.
With this performance, it seems AAVE is set to dazzle us in the crypto market this February. But, hold your horses! A seasoned crypto analyst warns that the road to glory might have more bumps than a roller-coaster ride.
Get Your Popcorn Ready: AAVE’s Potential Blockbuster
Crypto trader extraordinaire Ali Martinez jumped onto X (formerly known as Twitter, but cooler) to dish out a bullish prediction that could make your jaw drop. According to him, AAVE might just be gearing up for a mind-blowing 6,400% rally before this cycle ends. Grab your calculators, folks; that’s massive!
This optimistic outlook hinges on the TD Sequential resistance trendline. Now, before your eyes glaze over, this is basically a technical tool that tells you when a trend might be taking a nap or waking up. It also provides crucial support and resistance levels, AKA zones where prices tend to either take a breather or blast off.
Flashback to 2020: AAVE did a high jump over its TD Sequential resistance trendline, represented by those cute little black dots in the chart. This acrobatic move was followed by an Olympic-level 6,400% rally, taking AAVE to its current all-time high of $661 in 2021.
Right now, AAVE is sizing up a similar hurdle around the $350 mark on its monthly chart. If it manages the encore performance, and history repeats itself, AAVE could be cruising to $3,500.
The Short-Term Tease
Currently, AAVE is hovering around $337, reflecting a nearly 7% rise in the past 24 hours. According to CoinGecko, it’s down by 1% over the last week. So, it’s basically doing a cryptocurrency cha-cha.
Despite the rosy outlook, there are a few pesky hurdles. Martinez noted in another post that AAVE faces resistance zones at $243 and $365 where traders bought 1.3 million and 971,000 tokens, respectively. Nailing these barriers is essential for AAVE to hit the moon and go for a new all-time high.
Featured image from Binance Academy, chart from TradingView
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2025-02-02 06:41