AAVE Jumps 30% After Breaking Sideways Range
The Essentials at a Glance
- Aave (AAVE) gained 30% in just four days.
- The price broke out of a three-week sideways phase.
- Resistance levels at $320 and $332 could pose short-term obstacles.
- A pullback to $285 is considered a potential entry point for traders.
- Technical indicators point to sustained demand.
Strong Breakout After Sideways Phase
Aave has seen a significant recovery in recent days. After a three-week consolidation between $240 and $280, the price successfully retested the lower range boundary at $240 on June 6. Subsequently, the price surged by around 30% within four days to the current level of $313.
This breakout marks a clear trend reversal. The market has shown a bullish structure since early May, after Aave had previously given back all gains from the rally at the end of 2024.
Technical Analysis: Momentum Favors AAVE
The technical picture confirms the upward trend. The Relative Strength Index (RSI) shows stable upward momentum without signs of overheating. The On-Balance Volume (OBV) indicates consistent buying pressure – a positive sign for the sustainability of the move.
Additionally, heatmaps on Coinglass reveal that many liquidations were triggered in the $240 to $280 range. These zones acted like a “magnetic” price target, which Aave has now clearly left behind.
Resistance Levels and Possible Pullbacks
In the short term, Aave faces two key resistance levels: $320 and $332. These levels could temporarily slow down further gains. If a pullback occurs, a drop into the $285 range – just above the former range high – could be a potential entry point for swing traders.
Such a pullback could be used to gather new liquidity and prepare for the next leg up.
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Bitcoin as a Supporting Factor
Bitcoin’s price also contributed to Aave’s strength. BTC rose from $105,500 to $110,500 on Monday. This move strengthened the overall market environment and helped AAVE break through resistance levels quickly.
What Traders Should Watch
Monitor the price zones at $285 and $300. A pullback into this area could present a new buying opportunity. At the same time, it is important to analyze the reaction to the resistance levels at $320 and $332. If Aave manages to break through these levels, a further increase is conceivable.
Our Assessment
Aave currently shows strong momentum. The breakout from the sideways phase, supported by technical indicators and the broader market environment, suggests a continuation of the uptrend. Short-term pullbacks are possible but could serve as entry opportunities. Those trading AAVE should closely monitor the mentioned price zones and watch for confirmation through volume and market structure.
Sources
- TradingView
- Coinglass
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