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Is AAVE preparing for another rally?


 

The cryptocurrency market has rallied in the past few days, and the prices of some coins have gained significant percentages over this period.

AAVE, the native token of the Aave protocol, has been one of the top performers in the market for the past few days. The price of the token has increased more than 5% in the past 24 hours as the broader cryptocurrency market rebounds.

The token has been on the rise since the Swiss SEBA Bank. SEBA Bank has made a proposal to the Aave Protocol team to get on Arc's white list. With this, SEBA wants to give its institutional investors broader access to the Aave platform.

The adoption is excellent news for the Aave platform as it would give institutional investors access to their decentralized lending services. AAVE has rallied since the announcement and could be set for further gains.

Crypto analyst Michaël van de Poppe predicts that AAVE is preparing for another rally as the price of the token is more than 50% below its current all-time high. Poppe believes that AAVE could climb higher soon thanks to its recent launch.


An overview of important levels

The AAVE / USD 4-hour chart is currently one of the most bullish in the cryptocurrency space thanks to the recent performance of the token. The technical indicators show that AAVE is developing excellently and could see further growth soon.

AAVE is trading above its 50-day moving average, which suggests it could move higher soon. The MACD line is above the neutral zone, a sign that AAVE is currently in bullish momentum. Meanwhile, the 14-day relative strength index of 55 shows that AAVE could go into overbought territory.

If current market momentum continues, AAVE could move towards the $ 300 mark. An extended rally could cause AAVE to move above the second major resistance level of around $ 319 per coin.

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