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Aave has broken out of its falling wedge pattern on the daily timeframe. With a high trading volume and price upsurge, what’s the next target?
In the past 4 months, AAVE’s price has been consolidating in a falling wedge pattern on the daily chart. In the last 24 hours, Aave has surged nearly 9% with a 39.56% increase in trading volume, at press time, per CoinMarketCap data. This follows a breakout above the $135 resistance zone on its descending trendline.
As of this writing, Aave was trading at $166.13, with the short-term and mid-term moving averages flashing “buy.” While Aave could be eyeing the psychological $200 key resistance zone, Crypto analyst Adam Horton has predicted $312 as the coin’s long-term target.
With the 24-hour Relative Strength index standing at 59 and open interest rising by 10.8%, the market shows bullish momentum and has more potential for buying. Traders are closely watching AAVE’s next move following this breakout.
