AAVE Prepares a Bull Run above $200. Will This Uptrend Reach the 50% Fibonacci Level at $286?

Recovering from a long crypto winter, a new bull cycle in AAVE teases a trend reversal to reclaim lost levels. Sustaining dominance above the $100 psychological level, the bull run in AAVE accounts for a 50% surge in the last 10 days.

AAVE price recovers from a 94% loss in 2022 to begin 2023 with a bullish reversal. The bullish trend gains momentum with a 50% rally in the last 10 days and two consecutive bullish candles on the weekly chart.

Moreover, the daily active addresses in AAVE reach the highest in the last one year with a surge in whale interest. In a recent buying spree, two whales purchase AAVE tokens worth $8.11M at an average price of $131.

As a result of the bullish breakout, AAVE price is set to challenge the 23.60% Fibonacci level at $159.51. Breaking out of this level can lead to a further rally towards the 50% Fibonacci level at $286.

Key Points:

AAVE price recovers from a 94% loss in 2022 to begin 2023 with a bullish reversal.

The bullish trend gains momentum with a 50% rally in the last 10 days.

Two whales purchase AAVE tokens worth $8.11M at an average price of $131.

AAVE price is set to challenge the 23.60% Fibonacci level at $159.51.

Breaking out of this level can lead to a further rally towards the 50% Fibonacci level at $286.

After a 94% price loss throughout 2022, AAVE price finally begins 2023 with a bullish reversal from the 52-week low. The bullish trend gains momentum with a 50.96% hike in the last two weeks, forming two consecutive bullish candles on the weekly chart.

Moreover, the daily active addresses in AAVE reach the highest in the last one year with a surge in whale interest. In a recent buying spree, two whales purchase AAVE tokens worth $8.11M at an average price of $131. As the bullish breakout continues, AAVE price is set to challenge the 23.60% Fibonacci level at $159.51. Breaking out of this level can lead to a further rally towards the 50% Fibonacci level at $286.

AAVE Daily Active Addresses Surges to Highest in a Year

After recovering from the 52-week low, AAVE price gains momentum in the bullish trend. In a recent tweet from Intotheblock, the daily active addresses in AAVE are on the rise.

The number has increased to 1.73K new addresses, highest in the last one year. In the last 30 days, the daily active addresses begin to recover from the lowest point of 393.13. Now, the daily active addresses in AAVE are up by 339.37%.

Investors Rush to Buy AAVE Tokens in Bulk

In the recent buying spree, the whale 0xa923 spent 2,575 $stETH worth around $6.65M to buy 50,908 AAVE token. The average price of the purchase session comes at $131. Hence, the whale is at a profit of 4.22% at current market price.

The second whale 0x0945 managed to buy AAVE at a dollar discount with an average price of $130. During the buying spree, the whale bought 11,101 AAVE tokens in exchange of 563 $ETH worth $1.45M.

AAVE Price Analysis: Ready to Surpass $250?

On the weekly chart, the bullish trend in AAVE comes after an extremely long period of consolidation below 200D EMA in 2022 and below $150 in 2023. However, the recent price reversal from the 52-week low of $71.09 accounts for a 94% gain.

Further, the recovery run in the last two weeks accounts for a 50.96% hike and two consecutive bullish candles. Currently, AAVE trades at $137.66 with an intraday gain of 6.77% and 9 green candles in the last 10 days.

The bullish trend is supported by a bullish crossover in MACD line against the signal line with a resurgence of positive histograms. Further, the 50-week and 200-week EMAs gain positive alignment in the increasing bullish influence.

As a result of the bullish breakout, AAVE price is set to challenge the 23.60% Fibonacci level at $159.51. Breaking out of this level can lead to a further

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