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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

AAVE Price Could Skyrocket To $3,500 — What’s The Reasoning?

Opeyemi Sule
Opeyemi Sule
3 months ago
3 mins read
Aave price

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Este artículo también está disponible en español.

The past week was one of two distinct halves for the AAVE price, which initially kicked off with a bearish downturn beneath the $300 mark. The DeFi coin has since shown strong signs of recovery, jumping to as high as $340 on Friday, January 31st.

Based on its latest price setup, the AAVE token looks set to be one of the best performers in the crypto market this February. However, a crypto analyst has clarified that it might not be a smooth sailing journey for the AAVE price over the next few months.

Here’s How AAVE Could Reach Its High In This Cycle

Prominent crypto trader Ali Martinez took to the X platform to share an exciting bullish projection for the price of AAVE. According to the pundit, the DeFi coin could be readying for an over 6,400% rally before the end of this current cycle.

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This bullish prediction is based on the action of the AAVE’s price around a TD (Tom Demark) Sequential resistance trendline. The TD Sequential indicator is a tool used in technical analysis to identify the exact time of trend exhaustion and price reversal for a specific token.

However, the TD Sequential indicator can also generate trendlines, which can serve as crucial resistance and support levels for price. These levels are determined using the extremes of the first candle in the Setup phase of TD Sequential.

Aave price
Source: Ali_charts/X

In the last cycle — specifically in 2020, the AAVE price breached the TD Sequential resistance trendline (represented as the black dots in the chart above). This singular action was followed by a 6,400% rally, which saw AAVE reach its current all-time high price of $661 in 2021.

As it stands now, the price of AAVE is testing a similar resistance trendline around the $350 level on its monthly chart. If the price successfully breaks through this resistance zone — and history holds true, AAVE could witness a move to $3,500.

AAVE Price In The Short Term?

As of this writing, AAVE’s price stands around $337, reflecting an almost 7% increase in the past 24 hours. According to data from CoinGecko, the altcoin is down by 1% in the last seven days.

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While AAVE’s future looks incredibly bullish, there are certain obstacles the DeFi coin might need to overcome sooner than expected. According to Martinez in a separate post on X, the AAVE price faces two key resistance zones at $243 and $365, where investors purchased 1.3 million and 971,000 tokens, respectively.

Martinez noted that breaching these supply barriers is crucial for AAVE’s bullish breakout and a potential run to a new all-time high.
Aave price
Aave’s price on the daily timeframe | Source: AAVEUSDT chart on TradingView
Featured image from Binance Academy, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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