Key Takeaways:
- AAVE Price surges following the wedge breakout registering a weekly growth of almost 30%.
- The market sentiment regarding the AAVE token is currently “bullish” with the Fear & Greed Index indicating “ Extreme Greed”.
- As per marketing experts and technical indicators, the coin will cross the $220 mark by 2nd December.
AAVE, a famous cryptocurrency, has been one of the top-performing coins in the market. It is a decentralized financial asset that allows users to loan various cryptocurrencies and real-world assets. Lenders can earn interest from the liquidity pool, which they use to deposit their digital assets to gain extra money. In this article, we will look into the AAVE coin’s current performance in the market, its investment potential, and also whether a possible ledge can push the coin’s market value beyond the $224 mark.
AAVE Current Market Standing
Ranked #45 based on total market capitalization, the AAVE is one of the most sought-after coins in the market these days. The AAVE coin commenced its bull run on the 6th of this month amid the US presidential election. At that time, the coin was trading at $152.64. Even though the coin has shown signs of slowing down recently, it’s shot right back to the top and is currently trading at $204.23 with a daily uptrend of 5.65%.
During its bull run, the coin even peaked at a high of $210.37, which was registered today. This means that we will see a further rise of the coin in the market very shortly. With a 24-hour trading volume of 605.4 million and a total circulation of 14.99 million, the market capital of the coin is standing tall at $3.06 billion.
Factors Influencing the AAVE Price Surge
The AAVE coin had been on a tremendous rally in the market. Various factors have contributed to this splendid performance of the coin. There was recent news regarding the WLFI, a Trump-backed project, introducing the AAVA V3 instance to the Ethereum mainnet. This has significantly contributed to the price rally of the coin.
As the adoption of altcoins among investors and traders keeps on increasing, the trend has also influenced the coin’s price. The market sentiment regarding the AAVE coin was also extremely positive. And there is also the matter of the trading volume of the coin. All of these combined had a huge positive influence on the AAVE coin’s price.
AAVE’s Wedge Breakout & Potential: When will it Cross the $220 Mark?
The AAVE’s bull run that commenced on the 6th had lost its intensity around the 13th. This has almost resulted in the bull run stopping as the coin exhibited the descending triangle pattern. However, the coin started breaking out of this situation on the 21st. This wedge breakout has significantly boosted the pump of the coin in the market. From there till now, the coin has registered a growth rate of almost 30%.
As the coin is still continuing the growth surge, we may see a further surge in the market in the coming days. Right now, various tier-1 market analysts and technical indicators are suggesting that the coin will cross the $220 mark by December 2. However, after attaining a certain peak, the coin is likely going to stop rising and maintain an average price of $219.24 throughout the 4th quarter of the next month.
Is it a Good Time to Buy the AAVE Token?
The current sentiment in the market regarding the AAVE token is indicative of a “Bullish” trend. As per experts, the AAVE coin is likely to rise by 2.25% and maintain a value of $209.91 in the fourth quarter of December. Currently, the coin has traded 15/30 days in green exhibiting a market volatility rate of 10.64%.
The Fear & Greed Index of the AAVE shows a value of 77, which is a clear indication of “Extreme Greed” in the market. Based on this, we can conclude that it is an ideal time to invest in the famous crypto token. However, you should keep in mind that the crypto market is an extremely volatile place. So, it would be better if you conduct your own research before proceeding with the investment.