AAVE price trades near $90 amid short-term pressure but holds a technical pattern suggesting a possible bullish breakout above key resistance levels.
Currently, AAVE stands at $90.04, with a 24-hour volume of $197.49 million and a market cap of $1.39 billion. Despite a 1.97% drop in the last day, technical indicators and growing adoption signal a potential upward reversal.
Technical analysis by Crypto With Gopal reveals that AAVE is forming a falling wedge on the 15-minute chart, a pattern that has previously led to bullish breakouts. The price compression points to weakening selling pressure as buyers attempt to regain momentum.
Immediate resistance sits between $90.90 and $91.10. A confirmed breakout above this band could push the price toward targets at $92.30 and $93.00, with a chance to extend gains to the $94.50 $95.00 range.
Support levels lie at $90.00 with a critical failure point at $89.50. If support holds, a bullish setup may develop; otherwise, the price risks falling to $88.50.
Meanwhile, Aave V3 deposits on Monad are nearing $400 million, signaling increased participation and trust in the DeFi platform. This milestone supports ecosystem growth and enhances Aave's standing as a leading lending protocol on emerging blockchains.
The rise in deposits is expected to boost protocol utilization and strengthen the ecosystem, even though AAVE’s price currently trends downward, influenced by Bitcoin’s sideways movement.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR.
