The post Uniswap Targets 2x Rally, AAVE Eyes $290: What’s Next? appeared first on Coinpedia Fintech News
Despite the BTC price crashing under $95k, the bullish trend in AAVE and UNI reflects a growing trajectory. These altcoins are preparing for the December rally with a breakout rally and a rounding bottom reversal.
Will AAVE and UNI give a 2x rally in December as the underlying sentiments for the DeFi tokens improve? Read Coinpedia’s latest AAVE and Uniswap price analysis to find out more.
Uniswap (UNI) Chances for a 2x Rally
The Uniswap price trend showcases a triangle breakout early gaming momentum. With seven consecutive bullish candles, the uptrend has increased from $8.81 to $11.63.
The UNI token is currently challenging the previous swing high at $11.13, near the $12 mark. Furthermore, it challenges the 100% Fibonacci level as it exceeds the 78.60% level near the $10 psychological mark.
As the triangle breakout early gains momentum, the bullish crossover in the 100 and 200-day EMA amplifies the market sentiment. Furthermore, the MACD and signal line maintain a positive alignment after the recent merger with a boost in positive histograms.
Hence, based on the ongoing rally and the Fibonacci retracement tool, the uptrend is likely to reach the $19.67 mark. This marks a massive upside potential of nearly 2X, making it an exclusive investment choice for December.
AAVE Price Reach $290
In the weekly chart, the AAVE token is showcasing a rounding bottom reversal. The reversal rally has surpassed the 23.60% Fibonacci level at $165.80.
Currently, AAVE is trading at $179.86, with a 4.94% jump this week. The bullish trend continuation has resulted in a positive crossover between the 50-week and 100-week EMA lines.
As the rounding bottom reversal gains momentum, the upside price targets are situated at $234 and $290. These price targets are derived from the 38.20% and 50% Fibonacci levels, respectively.
Furthermore, the uptrend has crossed above the 200-week EMA line, increasing the chances of a bullish continuation. However, the immediate resistance still remains near the $200 psychological mark.
Concerned about Aave’s long-term prospects? Read our AAVE Price Prediction 2024-2030
FAQs
Key resistance lies at the $12 psychological mark and the $19.67 Fibonacci target.
The immediate targets are $234 (38.20% Fibonacci) and $290 (50% Fibonacci), with resistance at the $200 psychological mark.
A rounding bottom reversal pattern on the weekly chart is driving AAVE’s bullish momentum.