Aave’s explosive rally broke into multiple levels of resistance by increasing commercial volume, particularly during night hours when it exceeded the $ 250 psychological barrier.
The cryptocurrency has established support from around $ 240 while consolidating above $ 263, which suggests potential for a more upward movement as institutional interest grows amid broader developments in the market.
This performance occurs when Bitcoin approaches the new maximums of all time and public companies continue to increase their cryptocurrency holdings, with companies such as Strategy Corp plan to raise $ 84 billion for Bitcoin’s purchases.
TECHNICAL ANALYSIS
- Clean up the trend formation with higher and higher minimums, breaking multiple levels of resistance with the increase in volume, according to the technical analysis data model of Coindesk Research.
- Explosive price action between 23: 00-02: 00, with a volume of scope at 232,392 units as AVE crossed the psychological barrier of $ 250.
- The support established around $ 240, with $ 267,656 that serve as immediate resistance.
- Consolidation behavior between $ 262,120 and $ 267,540 in the last hour, with remarkable volatility around 02:47.
- The volume reached its maximum point during candles 02:42 and 02:50, which suggests institutional interest at these levels.
- Formation of higher low patterns from 03:19, with a recent movement of $ 263,566 to $ 264,776 at 03:27 that indicates a renewed purchase pressure.
- Price establish a base above $ 263 before potentially challenging the resistance level of $ 267,656 again.
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