Why AAVE Has Ignited a Fresh Uptrend with a 32% Surge; Last Days to Get Bitcoin ETF (BTCETF) Presale Coins

Decentralized finance (DeFi) lending protocol AAVE saw its token price surge 17% on Friday to around $113 – its highest level so far in 2023. This latest move extends AAVE’s strong upside momentum as analysts identify bullish chart patterns and the crypto community gears up for a potential resurgence in DeFi.

We will analyze recent price action for the AAVE token before shifting focus to the ongoing presale for the Bitcoin ETF (BTCETF) token which offers traders speculative exposure to the impending SEC approval of a spot Bitcoin ETF.

AAVE Soars to Yearly High – $115 Resistance is Next

AAVE is currently trading in a clear uptrend. After briefly consolidating in a bullish flag pattern, the price broke out with further upside potential toward the $115 level next.

A bullish flag pattern consists of a short-term rectangular trading range between two parallel diagonal lines that runs counter to the prevailing longer-term price trend. This pattern often forms after a sharp advance and signals a minor pause or consolidation before the prior trend resumes.

As one of the most reliable continuation patterns for traders, a bullish flag setup provides an opportunity to enter an existing trend as it prepares to continue. Trades are initiated when the price breaks out in the same direction as the overall trend. Volume increase on breakout is preferred but not required for bullish flags.

Rekt Capital, a prominent crypto analyst with over 350,000 Twitter followers, commented on AAVE’s bullish price activity:

“AAVE has recently broken out from its Re-Accumulation period. Now up +32% since the retest and finally reached the $111 resistance (orange), following the path perfectly.”

Here, Rekt Capital is referring to AAVE’s consolidation pattern that allowed the price to establish a base before breaking out upwards. This successful retest of prior resistance at $111 after breaking a downtrend signals a potential new uptrend underway.

Similarly, crypto analyst Bluntz Go to Source to See Full Article
Author: BeInCrypto Team

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