AAVE Price Rallies 10% in 24 Hours, Shrugging Off Market’s Negative Sentiment
AAVE pushes though the market turbulence and kept striving upwards. Will the momentum persist?
Key Takeaways
- AAVE shows resilience, rising 9.5% despite market uncertainty.
- Possible wave 3 could push AAVE towards $143.
- A red daily close might challenge the bullish outlook.
Despite the prevailing uncertainty and fear, AAVE has shown its resilience, surging by an impressive 10% in 24 hours and defying the odds.
On Aug. 14, the DeFi token’s price skyrocketed from $96 to a peak of $108, closing the day at $106.
Although its momentum had waned at the time of writing, AAVE continues to buck the broader market’s downturn.
Let’s examine what’s driving AAVE’s remarkable resilience and what it portends for the token’s future in these turbulent times.
AAVE Price Analysis
Our previous analysis on Aug. 2 noted that AAVE had experienced a significant uptrend, hitting a yearly peak of $155 on March 12. This was part of a five-wave pattern indicating the start of a bullish phase.
However, the price entered a corrective stage, dropping to $72 by April 13 before retesting this level on July 5. This correction was characterized by a five-wave ABCDE pattern within a descending triangle, and the subsequent breakout above this triangle suggested the beginning of a new bullish phase.
We highlighted that AAVE had recently made higher highs, surpassing key levels from previous corrections.
We outlined two potential scenarios for the market’s trajectory: a bullish path, where a new five-wave impulse could propel the price above $120 and towards $140, and a more cautious path, where the current uptrend might be a lower-degree B wave, setting the stage for a temporary dip to $100 before a more significant upward move.
On Aug. 12, AAVE fell to $90, finding support at the 0.5 Fibonacci level and making an upturn. This validated our second outlook and skewed our projection to the right.
AAVE Price Prediction
There is still a strong chance AAVE finished its second sub-wave from the higher degree five-wave impulse to the upside. If this is true, the rise from Aug. 12 could be its starting wave 3, which could push AAVE’s price to a higher high of $143, the 1.618 Fibonacci extension level.
The daily chart MACD made a golden cross and indicated bullish momentum. However, yesterday’s oscillator bar closed as a red one, and to confirm this outlook, it should preferably close as a green one today.
A red close today, driving the price back below $100, would cast doubt on the presented scenario.
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