AAVE’s explosive rally broke through multiple resistance levels with increasing trading volume, particularly during the late-night hours when it surpassed the $250 psychological barrier.
The cryptocurrency has established support around $240 while consolidating above $263, suggesting potential for further upward movement as institutional interest grows amid broader market developments.
This performance comes as Bitcoin approaches new all-time highs and public companies continue increasing their cryptocurrency holdings, with firms like Strategy Corp planning to raise $84 billion for Bitcoin purchases.
Technical Analysis Highlights
- Clear uptrend formation with higher lows and higher highs, breaking through multiple resistance levels with increasing volume, according to CoinDesk Research’s technical analysis data model.
- Explosive price action between 23:00-02:00, with volume peaking at 232,392 units as AAVE broke through the $250 psychological barrier.
- Support established around $240, with $267.656 serving as immediate resistance.
- Consolidation behavior between $262.120 and $267.540 in the last hour, with notable volatility around 02:47.
- Volume peaked during the 02:42 and 02:50 candles, suggesting institutional interest at these levels.
- Higher low pattern formation since 03:19, with recent move from $263.566 to $264.776 at 03:27 indicating renewed buying pressure.
- Price establishing a base above $263 before potentially challenging the $267.656 resistance level again.
External References
#Surge #Clears #Volume #Support #Build
