Can AAVE break $200 by September? Check out the predictions!

Bittime - AAVE, one of the leading tokens in the DeFi world, is undergoing an impressive recovery phase after briefly falling from a high of $144. Currently, AAVE price has stabilized around $118 and shows the potential to continue the upward movement. 

After several weeks of significant decline, AAVE seems ready to reach higher price levels. With a number of bullish candles forming, the token is showing signs of a positive reversal.

Double Bottom Reversal: New Hope for AAVE

Looking at the 4-hour chart, AAVE shows a double bottom reversal pattern, which often signals a change in market direction from bearish to bullish. After a pullback phase that ended at $118—marking a decline of about 17% from the $144 peak—strong demand is now acting as a buffer for the price. 

With a bullish engulfing pattern forming on the daily chart, as well as yesterday's 6.61% surge, AAVE indicates that a recovery is underway. The price is currently trading at $131.88, with a daily growth of 0.46%. 

Despite the challenges of maintaining momentum, this uptrend looks set to continue as long as market conditions are favorable.

Analysis of Technical Indicators

• RSI (Relative Strength Index): On the 4-hour chart, the RSI shows a bullish divergence strong. The RSI is currently on an upward trajectory after a period of consolidation, signaling the potential for greater bullish strength.
• EMA (Exponential Moving Average): The 200 and 50 EMAs on the 4-hour chart show sideways movement limiting the consolidation range. A breakout from one side of the EMA will be the key to determining the direction of the next price movement.

Can AAVE Price Break $200?

Based on Fibonacci levels, AAVE is currently facing challenges at the 23.60% level of $134. If AAVE can break through this barrier and overcome the existing resistance, the bullish momentum could unleash even stronger. Price targets for this month of September include $155, $183, and $207, based on the 50%, 78.60%, and 100% Fibonacci levels, respectively. However, if the price drops below $118, the psychological $100 level will be in focus.

Conclusion

With bullish signals and supportive technical indicators, AAVE has the potential to reach or even surpass $200 before the end of September. However, achieving this largely depends on how the token handles existing resistance levels and broader market dynamics. 

For investors and traders, monitoring these developments closely will be very important to take advantage of the opportunities that exist.

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