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Crypto Express

06/11 04:21

How Aave can rally past $300

Based on the rally from $125 to $399 in November-December 2024, a set of Fibonacci retracement levels was plotted. After retracing all the gains made back then, by April, Aave began to trend higher.

It forced a bullish market structure break on the 1-day timeframe on the 8th of May, and has continued to trend higher since.

The range formation gave the token time to reset its momentum and build liquidity around the extremes of the range.A swift breakout came on Monday after a retest of the $240 support. Bitcoin [BTC] rallied from $105.5k to $110.5k on Monday, which helped AAVE bulls’ cause.

The OBV showed steady demand, and the RSI showed bullish momentum without a bearish divergence.Aave-1-day-Chart-1-768x389.png

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