AAVE Price Is Climbing Higher: Will It Challenge The $150 Mark

Aave (AAVE), a decentralized finance protocol, has been in a bullish trend and has continued to outperform the crypto market. Despite the market uncertainty and fear among investors, AAVE price remained resilient and continued spreading the upward move.

Going forward, it secured gains above the $100 mark and delivered the bullish swings. The DeFi token price has climbed above the significant moving averages and reflected signs of bulls’ dominance.

AAVE pushed through the market turbulence and kept striving upward, which indicated signs of buying momentum. With the weekly surge of over 25%, AAVE price reached the crucial resistance zone near $120 and was eyeing a breakout.

Range Breakout Anticipated: Could AAVE Bulls Surpass The $120 Mark?

AAVE’s daily chart showed that it had been hovering in a range for the last two months. During the first week of this month, the token retested the $80 mark, range low, and a long rejection wick was spotted.

Afterward, a sustained accumulation was noted, and the token recuperated more than 40% of the gains from the bottom. AAVE price action signified a follow-on buying action, and bulls are seeking to cross the $120 mark, the upper range cluster.

A daily close above the $120 mark would permit the bulls to challenge the next resistance near the $135. The $150 mark will follow this in the near term.

@CryptoTony, in his tweet, mentioned that AAVE looks good and gives an opportunity to enter a long trade.

$AAVE / $USD – Update

Flip that level and i am looking to enter pic.twitter.com/dFEp5OkRpO

— Crypto Tony (@CryptoTony__) August 16, 2024

When writing,the AAVE price traded at $113.76 and sat at the 47th rank with a market cap of $1.72 Billion.

Over the last 24 hours, the token has surged over 4.30% with a decent volume spurt. Meanwhile, the token has spiked more than 25% in a week, revealing bullish projections.

This recent surge in the token price has underscored growing investor confidence and demand resurgence for it.

The Relative Strength Index (RSI) looks overbought, having a reading of 60. Progressively, the RSI has soared alongside the price, demonstrating sustained buying pressure.

Similarly, the Awesome Oscillator (AO), revealing a value of 5.94, indicated a positive momentum in the market.

The Total Value Locked (TVL) Noted a Remarkable Rise

Following the bullish price projections, the token’s TVL witnessed a steady rise and articulated the ecosystem’s growth.

TVL Data | Source: DeFiLlama

The rising TVL signified confidence and positive sentiment among the investors, hence the bullish trend. AAVE had a TVL of $11.48 Billion at press time.

AAVE Token’s Total Liquidations Favor the Bullish Trend

When writing, the short liquidations were noted at $50.85k. Meanwhile, the long liquidations were at $2.89k, signaling buying pressure.

Total Liquidations Data Source: CoinGlass

If the token continues to trade with the positive sentiment, it may reach the resistance zone of $125. The next resistance level for the token would be around the $130 mark.

Conversely, if it remained capped in the range, the token may revisit the support zone of $108 and then $105 in the short term.

Source