AAVE Breaks Key Resistance as DeFi Sector Heats Up
AAVE's recent price action demonstrates remarkable strength, climbing another 3.8% over the past 24-hour period and now up 25% since Monday.
The token broke through key resistance at $311.50 with exceptional volume, suggesting potential for continued upward movement.
This technical breakout was supported by significant fundamental developments in the decentralized finance (DeFi) space. The U.S. Securities and Exchange Commission on Monday held a roundtable discussion about the sector with key figures participating. There, SEC Chair Atkins suggested exploring regulatory exemptions for DeFi firms, spurring optimism for DeFi's future.
Market analysts remain optimistic about AAVE's long-term potential, with some setting targets as high as $1,000 per token, though such predictions should be approached with caution. The platform's strong fundamentals and increasing adoption position it as a significant player in the evolving DeFi landscape.
Technical Analysis
AAVE established a significant high-volume support zone around $302.35-302.52, while breaking through resistance at the $311.50 level during the 12:00 UTC hour with exceptional volume (179,461 units) that exceeded the 24-hour average by over 140%.
The overall range of 20.37 points (6.73%) highlights increased volatility, with price action forming an ascending channel pattern and finding momentum after consolidating between $305-310 for several hours.
A descending channel pattern formed after the 13:30 selloff that saw volume spike to over 6,100 units at 13:32, with the correction finding support near $312.00, representing a 38.2% Fibonacci retracement of the earlier upward move.
Price consolidated between $312.00-312.60 in the final 15 minutes on decreasing volume, suggesting potential stabilization before the next directional move.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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