2023-12-13 11:30 |
Santiment’s recent observations highlight promising developments for Aave (AAVE) as it maintains a resilient position in the altcoin landscape.
Source: Santiment – Start using it today
Despite being the 50th-ranked market cap asset, Aave has seen a notable surge in the number of coins held by the top 150 wallets, a trend unseen in the last five months. Concurrently, the Relative Strength Index (RSI) has entered a bounce zone, indicating potential upward momentum.
According to technical analysis firm altFINS, decentralized finance leader Aave shows signs of an impending trend continuation.
altFINS points towards the formation of a bull flag pattern on the charts—a short-term rectangular trading range between two parallel diagonal lines, moving counter to the prevailing uptrend. This often indicates a brief consolidation before the previous rally resumes.
Source: altFINS – Start using it today
With Aave now breaking out above the upper boundary of the flag structure, the measured move target implies additional upside towards $115 based on the height of the preceding advance. Bull flag breakouts reliably signal trend continuation, especially when accompanied by rising volume.
Earlier, Aave bounced after reclaiming its 200-day moving average, a widely-followed indicator of long-term trends. This coincided with a breakout from months of rangebound chop, signaling a bullish trend reversal.
Momentum gauges like the MACD line remain below signal, and RSI is under 45, suggesting room for further gains rather than overextended conditions. Key support sits around $95 and $80 on any retraces.
Read also:
Binance Coin Forming a Head-And-Shoulders Pattern, Analyst Says a Close Above The Neckline Could Propel BNB To This Level Prominent Crypto Trader Shares Bullish Outlook on Bitcoin (BTC), Ethereum, and This ETH Alternative Top 3 Cryptos Set to Dominate 2024: Solana, Rebel Satoshi, and XRPSo in summary, Aave appears technically positioned to exit its bottoming formation and continue recovering from the losses as conviction returns among long-term crypto investors. With bearish momentum fading despite market turmoil, the next leg higher looks imminent.
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The post AAVE Forms Historic Bullish Divergences, Expert Anticipates An Upside to This Level appeared first on CaptainAltcoin.
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