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AAVE Breakout: Why A 1,710% Surge Is On The Horizon

Scott Matherson
Scott Matherson
10 months ago
2 mins read
AAVE

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AAVE has been one of the altcoins that have seen a recovery in both volume and price over the last week. This comes with a jump in positive sentiment associated with the DeFi token, enabling bulls to reclaim control of the price once more. With this positive sentiment proliferating for the AAVE price, a pseudonymous crypto analyst who goes by Persis10t on TradingView has forecasted a rather bullish future for the cryptocurrency.

AAVE Breaks Out Of Triangle Pattern

According to the analysis shared by the crypto analyst on the TradingView website, the AAVE price had been trading inside a triangle pattern. This can be bearish for the price, given that triangle patterns tend to keep prices constrained to a tight range. However, the good news is that the AAVE price has now broken out of this triangle pattern.

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This breakout signals the rise in momentum that has been pushing the price. Furthermore, it suggests that the AAVE price is ready to push upward with the rally. Despite the fact that the DeFi token has fallen back to retest its breakout level, the crypto analyst believes that this is a good thing and a positive sign for the cryptocurrency.

Other factors that support the bullishness include the fact that the AAVE price is being supported by the 100-day Moving Average on the weekly timeframe. This suggests bullishness both in the short and mid-term. Also, the notable rise in its 24-hour trading volume, which has remained consistent over the last few days, lends credence to this bullish narrative.

Last but not least on the list of bullish developments is a crossover on the 50-Day and 100-Day Moving Average. As the crypto analyst explains, this crossover is something that could fuel the AAVE price from here, helping it sustain its rally.

How Far Can The Price Go?

When it comes to how far the AAVE price can rise from here, the crypto analyst is incredibly optimistic about the future of cryptocurrency. While AAVE is currently trending around $150, the analyst believes that it is destined for four digits soon.

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The chart shows that there will be corrections along the way, but ultimately expects it to breach the $1,000 level. At the very top of the rally, the crypto analyst puts the price at $2,516, which would be a 1,710% increase from its current price.

At the time of writing, the AAVE price is sitting at $151 after climbing 0.5% in the last day. Likewise, its daily trading volume is seeing a small uptick of 0.7%, putting it at $394.5 million.

AAVE price chart from Tradingview.com
Price continues to skirt $150 | Source: AAVEUSDT on Tradingview.com
Featured image from IQ.Wiki, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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