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AAVE has been one of the altcoins experiencing a significant recovery in both volume and price over the last week. This surge is accompanied by an increase in positive sentiment surrounding the DeFi token, allowing bulls to regain control of the price. With this favorable sentiment growing for AAVE, a pseudonymous crypto analyst known as Persis10t on TradingView has predicted a bullish future for the cryptocurrency.
AAVE Breaks Out Of Triangle Pattern
According to the analysis shared by the crypto analyst on TradingView, AAVE had been trading within a triangle pattern. Typically, triangle patterns tend to constrain prices within a tight range, which can be bearish. However, the encouraging news is that AAVE has broken out of this triangle pattern.
This breakout indicates a rise in momentum that has been propelling the price upward. Furthermore, it suggests that AAVE is prepared to continue its upward rally. Despite the fact that the DeFi token has retraced to retest its breakout level, the crypto analyst views this as a positive development for the cryptocurrency.
Additional factors supporting this bullish outlook include the fact that AAVE’s price is being bolstered by the 100-day Moving Average on the weekly timeframe. This indicates bullishness in both the short and mid-term. Moreover, the notable increase in its 24-hour trading volume, which has remained steady over recent days, further supports this optimistic narrative.
Another bullish development is the crossover between the 50-Day and 100-Day Moving Averages. As the crypto analyst explains, this crossover could potentially fuel AAVE’s price from its current level, aiding in sustaining its rally.
How Far Can The Price Go?
Regarding how far AAVE’s price can rise, the crypto analyst holds a highly optimistic view of the cryptocurrency’s future. While AAVE is currently trading around $150, the analyst believes it is poised to reach four-digit valuations soon.
The chart indicates that there will be corrections along the way; however, the analyst ultimately expects AAVE to surpass the $1,000 mark. At the peak of the rally, the analyst forecasts a price of $2,516, which would represent a remarkable 1,710% increase from its current price.
As of the time of writing, AAVE is priced at $151, having climbed 0.5% over the last day. Similarly, its daily trading volume has seen a slight uptick of 0.7%, bringing it to $394.5 million.
