Aave Price Prediction: AAVE Posts Best 24-Hour Performance With 9% Surge, But Experts Say This 2.0 PEPE Might Go Parabolic

Aave Price Soars 9% on DeFi Platform Interest

The Aave token ([AAVE](https://coinmarketcap.com/currencies/aave/)) has experienced a notable 9% surge in the past 24 hours, reaching a trading value of $106.02 as of 00:47 a.m. EST. This impressive growth is accompanied by a remarkable 75% increase in trading volume, amounting to $264 million.

Factors Driving Aave's Growth

AAVE's impressive 24-hour performance outshines other leading tokens, demonstrating renewed interest in the DeFi platform. The surge is attributed to strong protocol fundamentals and initiatives such as Skyward and proposed fee reductions.

Technical Analysis

Technical analysis indicates the Aave price is poised for further growth. After a slight dip below the $106 resistance, the price rebounded and formed a rounding bottom pattern, signaling a bullish trend. AAVE is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs).

The Relative Strength Index (RSI) is nearing overbought territory at 66, indicating substantial buying pressure. The Moving Average Convergence Divergence (MACD) reinforces the bullish outlook, with the blue line crossing above the orange line.

Target Price and Support Levels

Bullish momentum suggests a potential move towards $122. However, an overbought RSI could trigger a downward correction, with support levels around $99 (coinciding with the 200-day SMA).

Disclaimer:

The information provided is solely for informational purposes and does not constitute financial advice.