- AAVE has broken out of consolidation and an ascending channel, signaling strong bullish momentum.
- On-chain and exchange data showed growing investor interest, indicating a potential upward trend.
Aave [AAVE] has shattered its long-standing consolidation phase and exited the ascending channel, showcasing strong bullish momentum.
At press time, AAVE traded at $279.53, experiencing a 1.68% decline in the past 24 hours.
However, despite this short-term setback, technical and on-chain indicators pointed to a potential upward trend. Could AAVE be on the brink of a significant bullish breakout in the crypto market?
What do the charts say about AAVE’s technical movement?
AAVE was a crucial resistance level of $317 at press time, a point that could confirm the bullish trend. The breakout from the consolidation phase and ascending channel signals a robust upward movement.
The Stochastic RSI was 79.95, indicating strong bullish sentiment.
However, such a high RSI also suggests overbought conditions, which could trigger a temporary pullback. Nevertheless, AAVE’s consistent upward movement and breakouts showed solid support.
Therefore, a decisive break above $317 would likely drive further…
