The AAVE token has entered a vigorous recovery phase, experiencing a remarkable ascent of 56.36% in just three weeks. Currently trading at $96.8, the token has broken free from a 16-month chart pattern, signaling a potential trend reversal.
Efforts to breach the $100 barrier have been met with selling pressure, reflecting market hesitation. However, recent buying pressure in the altcoin market has caused the AAVE price to jump 8% and rechallenge the $98-$100 resistance level. A breakout above this barrier would intensify buying momentum and extend bullish trends.
While the AAVE price is optimistic, the significant resistance at $100 could lead to a modest retracement. Previous pullbacks during the two-month rally did not exceed the 38.2% or 50% Fibonacci retracement levels. If a pullback occurs, buyers can find robust support zones at $83.1 and $77.2.
The ongoing rally, influenced by the recently completed descending triangle pattern, is expected to reach the $124 mark, indicating a potential growth of 28.5%.
Takeaway: The AAVE coin has shown strong recovery and has the potential to break through the $100 resistance level. Buyers should watch for a breakout above this level, which could lead to further bullish trends. In case of a retracement, strong support zones can be found at $83.1 and $77.2.
