Aave’s explosive rally broke through several levels of resistance with rising trading volume, especially in the late nights when it surpassed the $ 250 psychological barrier.
Cryptocurrency has established support around $ 240, while consolidating over $ 263, suggesting the potential for further movement upwards as institutional interest grows in the midst of wider market developments.
This performance comes when Bitcoin is approaching new high times, and public companies continue to increase their cryptocurrency holdings, with companies like Strategy Corp planning to raise $ 84 billion for Bitcoin purchases.
Technical analysis highlights
- Clearing appearance formation with higher low and higher heights, 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 when 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 remarkable volatility around 02:47.
- Volume peaked below 02:42 and 02:50 candles, suggesting institutional interest at these levels.
- Higher low pattern formation since 03:19, with the recent movement from $ 263,566 to $ 264,776 at. 03:27, which indicates renewed purchase pressure.
- Price establishing a base over $ 263 before they potentially challenge $ 267,656 the level of resistance again.
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