AAVE Price Gains 36% In 7 Days: $500 the Next Target?

Its market cap has changed significantly since the dip witnessed on August 5th. It has grown from $1.20 Billion to $1.90 Billion, positioning 40th in global crypto ranking.

According to Chainbroker, it has an AA tier security score of 90.09. It has robust governance strength and good trust among the community. 

Analyst’s Take on AAVE Future Price?

Meanwhile, the end of this range could ignite a parabolic move, where the analyst seeks potential up to $500.

Derivatives Showcase Bulls On Fire

With the recent price rally, the current trend has become bullish. The derivatives volume has grown by 150%, reaching an amount of $731.34 Million in 24 hours. 

Likewise, the open interest showed 49% more contracts opened for the current trend, amounting to $169.54 Million.

Similarly, the long-short ratio signified bold momentum to go green, as the ratio was 1.1048. It meant the dominance of bulls over bears. The 24-hour shorts liquidated were $1.10 Million, and the longs were mere at $224.81K.

What Does AAVE Price Structure Signify on the Chart?

The AAVE price thrust has beaten the dynamic hurdles of 50-day and 200-day EMA bands. AAVE’s past 7 days’ gains of more than 36% from the $90 support and coinciding trendline support have impressed investors.

Overall, in the broader picture, the shown movement in the $80 to $120 range in the past 12 months has been broken. Additionally, the sustenance above could extend gains.

Likewise, the sustenance above the range border could shoot to capture the $134.01 and $145.01 price targets.

On the contrary, failing to sustain above the range’s upper border or dipping below $115 would mean a fall. The bears could eye for $108 and $98, respectively.

Meanwhile, the MACD has formed a bullish cross above the zero line with a histogram positive at 2.51. The RSI was above the median line at 70.88, which is an overbought entrance, which could be a point of suppression in gains.