AAVE Price Targets $200 as Whale Buying Spree Aligns with Fibonacci Support

AAVE price displays a modest downtick of 0.83% during Sunday’s low volatility trading. The pullback temporarily stalled the current recovery but allowed buyers to replenish the bullish momentum before the next leap.

1. A recent whale buying spree, disclosed by crypto whale tracking services, reveals that a large crypto entity purchased a substantial amount of AAVE tokens and deposited them into the Aave protocol. This whale's actions indicate a bullish outlook on AAVE, which aligns with the Fibonacci support levels suggesting a potential rally to $200.

2. The 38.2% Fibonacci retracement level, which is a common support zone, has played a role in stabilizing AAVE's price after the early October sell-off. This support, coupled with the 50-day EMA, has helped the asset rebound and prepare for a potential bullish breakout.

3. AAVE's price action has formed a double bottom pattern after the recent reversal from $135 support. This bullish reversal pattern, if valid, suggests a breakout opportunity with potential targets at $180 and $200. AAVE's price has already broken out of a falling wedge pattern, indicating an upswing.

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