Aave Surges Toward $500: Bullish Momentum Breaks Key Resistance
- Aave (AAVE) surges 5.96% to $343, with investors eyeing a potential rise to $500.
- Bullish trends and key breakouts suggest Aave could surpass $380, opening the door to more gains.
- Active addresses up 36.7%, signaling growing demand and user engagement, boosting Aaves price potential.
Aave (AAVE) has been on an upward trend in the past few days and has now reached important resistance zones. The token is now worth $342.08 at press time, having risen by 5.96% within the last 24 hours. This surge has gained much attention within the crypto-space, with many investors expecting Aave to possibly rise to $500.
Source: TradingView
According to the Analyst World Of Charts, Aave has a bullish outlook, and if the price keeps rising, breaking through these critical levels may well lead to the price rising to $500. The most recent price breakout from a descending price channel, a technical pattern, has provided a positive sentiment. This breakout and a rise above the $340 resistance level indicate that the spit token might scale up its upward movement in the coming weeks.
Aave Bullish Trend Continues
The daily chart of the token indicates a clear bullish trend by the smoothing of higher highs and lower lows indicating a strong consumer interest. The first major resistance of coin lies at $364 and the second at $380. If price breaks through the $380 level there maybe more buying pressure and thus the price may rise. However, if the token does not reproduce this level, it may undergo a temporary decline in prices before trying to climb higher again.
Source: TradingView
The daily active addresses have increased by 36.70% over the last week, which means more people are using the token. Also, the number of new addresses created on the platform has increased by 52.28%, indicating that cryptocurrency is pulling in new users which can fuel the demand and hence price of the token.
Source: IntoTheBlock
Rising Transaction Volume
The number of transaction traffic has also been on the rise. In the last one day, the activity in the token network stood at 4,329, which is 1.55% higher than the previous day. This gradual increase in transaction volume is in line with the general increase in the market activity.
Source: CryptoQuant
Although, token has been bullish, the following factors will define the future growth of Aave: To maintain the upward movement, the token must push through barriers, especially $380. Keeping high network activity and onboarding new users will also contribute to the long-term price increase.
Read more: https://www.tronweekly.com/aave-surges-toward-500-bullish-momentum/
Text source: TronWeekly
