AAVE Surges 25% After Breaking Key Resistance at $311.50
AAVE's price increased by 3.8% in the last 24 hours and is up 25% since Monday. It broke through resistance at $311.50 with high trading volume, indicating potential for further gains.
Key developments in the DeFi sector include a U.S. SEC roundtable discussing regulatory exemptions for DeFi firms, which has generated optimism about the industry's future.
Market analysts set long-term targets for AAVE as high as $1,000 per token, citing strong fundamentals and increasing adoption.
Technical Analysis
- AAVE found support between $302.35-$302.52 and broke resistance at $311.50 with a volume of 179,461 units, exceeding the average by over 140%.
- The price range of 20.37 points (6.73%) indicates increased volatility, forming an ascending channel after consolidating between $305-$310.
- A descending channel formed after a selloff at 13:30, with volume spiking above 6,100 units; support was found near $312.00, corresponding to a 38.2% Fibonacci retracement.
- Price stabilized between $312.00-$312.60 in the final minutes on decreasing volume, suggesting a potential pause before the next move.