Stable consolidation in the AAVE market has been going on for more than 3 months. Accumulation of new strengths before a wild growth impulse is a rather boring process, but not the least. Of course, for connoisseurs of sharp growth waves, the current situation with the AAVE market forces to keep tensions.
However, if we measure the depth of the consolidation range in which the AAVE price moves after a failed attempt to break the mark of $500, it becomes much calmer. The fact is that the price stop between the marks of $286-500 allows investors to actively trade in the 80% range.
Powerful Buyers Seek The Range Of $280-300
If we look at the AAVEUSDT chart daily timeframe, we see an aggressive price buyout in the range of $280-300. The last such buyout was on 18 April.
On this day, the AAVE price in one day was able to fall by more than 30%. And it was the range of $280-300 that stopped the AAVE price from total collapse. High trading volumes on this day only confirmed that interest in this range is high.
An unsuccessful attempt by sellers to update the local low on 23-25 April proved the fact of sellers’ depletion. And the easy formation of a new growth wave on 25 April showed the cryptocurrency market that the AAVE token is preparing to break the range of $490-530.
In the previous article which we published a month ago, we wrote about this range. While waiting for the test of this range, we predicted an all-time high update. During the trading month, buyers managed to test this range twice. However, the all-time high has not been updated yet.
Buyers Have The Intent To Break $490-530
If we look at the local growth wave nature, we understand that buyers are preparing for the breakdown of this range:
We can see at the 4-hour timeframe chart, as we approach the critical range, trading volumes increase. Sellers are unable to close the candles below the opening price. By raising the price above $489, buyers will catch the seller’s stop orders, which they put for the last local high.
This fact will help the AAVE price break the range of $490-530 in a flash. Another correction is likely before updating the AAVE all-time high.
Analyzing the chart of the AAVEBTC pair, we see that investors are determined to continue market growth:
The main question is whether this growth wave will continue without correction, or whether another strength test will be waiting for buyers. Given the declining impact of BTC on the crypto and DeFi market, independence and positivity have now become more likely for the AAVE market.
The main target of BTC buyers is to prevent the fixing of the price at $48,700. In this case, a new strong fall wave will begin, in which no token will be able to go against the system.