AAVE Price Targets $400 as Whale Activity Surges

AAVE is showing signs of a potential price surge, fueled by increased whale activity and a bullish chart pattern. The coin is aiming for a $400 target, but faces resistance along the way.

AAVE’s Whale Watch

The crypto market has been a bit hesitant lately, with Bitcoin struggling to break through its all-time high. However, AAVE seems to be bucking that trend. The source indicated that AAVE’s price is showing potential for a sustained rally due to growing interest from big players – often called “whales” in the crypto world. These are individuals or entities that hold large amounts of a particular cryptocurrency and their actions can have a significant impact on prices.

According to Coingecko data, AAVE currently has a market cap of about $5.06 billion, and around $830 million worth of it has been traded within the last 24 hours. What’s really interesting is that on-chain analysts at intotheblock have noticed an increase in whale activity on the AAVE network. Historically, these large transactions have often coincided with significant market movements, suggesting that AAVE might be gearing up for a nice price jump.

Chart Patterns and Price Targets

So, where could AAVE’s price be headed? Well, the source explained that AAVE’s chart is showing a “cup and handle” pattern. This is a bullish formation that often indicates a continuation of an upward trend. Basically, it looks like a cup with a handle on its side. The source revealed that this pattern suggests that after breaking through some resistance levels, we could see AAVE reaching for $400!

However, it won’t be a smooth ride to $400. The source noted there are significant resistance levels at $343 and $365 based on how many tokens are being held around those prices (1.3 million and 971,680 respectively). These could act as hurdles for the price increase. Still, with sustained buying pressure, especially from these whales entering the market , the coin has solid momentum behind it right now . Over the last three days alone, AAVE jumped from about $282 to $334 – that’s almost an 19% increase! If this keeps up , things look promising for those holding onto their AAVE coins !

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Source: Finance | Bitcoinethereumnews.com

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