Amid a strong bullish reversal in the cryptocurrency market, the Aave price has recorded a significant jump in its valuation this week. Moreover, this altcoin has successfully reclaimed the $150 mark today for the first time since 05th May 2022.
Following this, investors are curious about this altcoin’s possibility of achieving the $200 mark this year. Are you one of many investors with a similar curiosity? Then this article might just be the one for you.
Aave Price Records Increased Price Action
The Aave crypto has continued displaying a positive price action by adding 7.52% to its portfolio within the past day with a trading volume of $509.156 million. Furthermore, with a surge of over 20% in 60 hours, it has successfully tested its support trendline of the rising channel pattern.
Moreover, it has added ~15% over the past week and 56.77% during the past 30 days. With a Year-to-Date (YTD) return of 36.85%, this altcoin has secured the 35th position in the global cryptocurrency market.
AAVE Market Sentiments
The Stochastic RSI has successfully retested its oversold range in the 1D time frame. This has resulted in it recording a sharp rise toward the overbought range.
The Simple Moving Average (SMA) constantly supports the AAVE price. This suggests increased buying-over-selling pressure for the altcoin in the crypto market.
Will Aave Price Hit $200 This Year?
If the bulls continue to gain momentum, the AAVE price will prepare to retest its resistance level of $160 in the coming time. Maintaining the price at that level will set the stage for this altcoin to head toward its upper resistance level of $180 this month.
On the flip side, if a trend reversal occurs, the AAVE crypto will retest its support level of $138.75. Furthermore, if the bears continue to dominate the market, it may plunge toward its lower support level of $118.40.
Also read, AAVE Price Prediction 2024 – 2030
