Aave has emerged as the top gainer in the cryptocurrency market following a remarkable comeback that began three days ago amid market uncertainty.
Aave (AAVE) recorded a sharp 11% surge over the past 24 hours. Following its impressive run, Aave peaked at $160 earlier this morning for the first time since the Terra collapse in May 2022.
While the asset has faced resistance at this psychological level, it looks to maintain the $150 price point. Despite this challenge, Aave is currently trading at $149, having maintained a 19% increase since Sept. 8, further boasting a 67% surge over the past month.
Notably, amid this uptrend, the asset’s +DI indicator has spiked to 30.54, confirming strong upward momentum despite the broader market uncertainty. Meanwhile, the -DI has dropped to 11.33 as selling pressure reduces.
Additionally, the Average Directional Index (ADX) has risen to 24.6, reflecting the growing strength from the upward push. These suggest that Aave’s current upward trajectory is robust, but traders should watch for potential fluctuations.
Aave’s pivot points show a resistance (R1) level at $145.95, which Aave has already surpassed. The next levels at $163.09 and $190.83 represent crucial upside targets if the bullish trend continues.
On the downside, Aave has immediate support at $118.21 (Pivot), followed by the next support level at $90.47. These levels could offer potential cushions in case of a pullback.
Pseudonymous crypto market analyst Saint Pump believes Aave’s price action is reflective of a two-year accumulation phase and expects the asset to perform well in the midterm.
However, he cautions against jumping into trades at the daily highs due to the asset’s illiquid order book and volatile intraday movements. He advises potential buyers to wait for a price correction before entering the market.
