- AAVE became the top gainer, surging by over 29%.
- The altcoin’s trading volume has increased by 26%.
The crypto market flipped to a bullish trend as Bitcoin soared above $100K, with the Fear and Greed Index settling at 80, firmly in the extreme greed zone. Turning attention to the altcoins, the AAVE token has emerged as the top gainer, with a 24-hour jump of over 29.30%.
AAVE rally has coincided with Donald Trump’s World Liberty Financial project spent over $12 million on buying three cryptocurrencies such as ETH, AAVE, and LINK. WorldLibertyFi has bought 3,357 AAVE at $297.8 each, by spending over 1 million USDC.
In addition, a decentralized exchange and automated portfolio management protocol, Balancer, has launched its v3 upgrade with Aave, as the primary launch partner.
AAVE has broken through crucial resistances to hit the unforeseen high. In the early hours, the asset trades at $275, eventually building momentum to visit its daily high of $359.98. At the time of writing, the altcoin trades at $356.64.
Furthermore, a $3.10 million liquidation of AAVE was observed in the market during this timeframe, as per Coinglass. The asset’s daily trading volume has reached $1.58 billion.
On the other hand, an analyst suggests that AAVE is heading toward a target of $628.5, as it has surged above the $300 mark. This hints at the potential for the price to gain more than double, offering over 100% gains if it reaches the target.
Where is AAVE Heading Next?
Analyzing the four-hour price graph of AAVE reports the ongoing positive sentiment. If the asset surpasses the $370 mark, the next long-awaited target of the altcoin would be around $400. This could ignite a new price rally.
Conversely, if the current market sentiment turns bearish, AAVE might reverse its trend with its price rallying downward to the $340 range. Further diminished buying momentum signals the risk of a drop toward $300.
It should be emphasized that the technical indicators of AAVE exhibit the Moving Average Convergence Divergence (MACD) line over the signal line. This crossover is inferred as a buy signal with upside price action.
Moreover, the Chaikin Money Flow (CMF) indicator is aligned at 0.26, suggesting a positive money flow. Also noting that the buying pressure is stronger than the selling pressure. Meanwhile, AAVE’s trading volume has likely increased by over 26.10%.
The 24-hour trading window of the altcoin displays the short-term 9-day MA above the long-term 21-day MA at $305 and $284, respectively. Besides, AAVE’s daily relative strength index (RSI) has climbed to 75.44, reaching the overbought zone. It also increases the risk of a short-term price decline or consolidation.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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