AAVE price is showing renewed upside momentum as the token approaches a major resistance zone, while a large holder has reportedly added $9.3 million worth of AAVE to its position.
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AAVE Price Approaches Key Resistance
AAVE price is moving toward its first major resistance area, according to the latest analysis from More Crypto Online.
The analyst identified the $151-$189 range as the first resistance zone that could determine the next phase of AAVE’s price structure. Short-term momentum remains pointed upward, keeping the resistance area in focus as the token continues its recovery.
More Crypto Online also identified $113.60 as the nearest support level to monitor. As long as AAVE maintains this area, the current short-term upside structure remains intact.
The reaction around $151-$189 could therefore provide important information about whether the current advance can continue or faces another rejection.
$189 Breakout Could Change Wave Structure
The top of the resistance zone is more important when it comes to technical formation. As suggested by More Crypto Online, any price above this zone will be quite high for the wave 4 structure described by the analyst. Once AAVE moves out of the resistance zone, it will signal a more important blue structure.
In other words, the market reaction in the $151-$189 area will make one or the other technical pattern relevant.
Source: More Crypto Online X post
The rejection by the zone will maintain the emphasis on the ongoing wave scenario, whereas any breakdown beyond the resistance zone will bring focus to the alternative scenario.
For the traders following the price of AAVE, the next level to watch on the downside is $113.60, while the key levels of resistance are $151 and $189.
Also Read: AAVE Price Recovery Points to $140 Breakout as V4 Deposits Top $900M
Whale Adds $9.3 Million in AAVE
With the technical configuration arising when large-holder movements contribute to the market information, MSBIntel observed on September 20 that there is a rise of 0.45% in the number of tokens held by an address from among the ten largest holders of AAVE in a span of six hours. The added position had a value of about $9.3 million.
The move to accumulate may become notable since any major shifts in the balance sheet of key addresses will influence market sentiments. However, the transaction does not make the intentions of the holder clear and cannot secure any further growth in the value of the asset.
The accumulation, however, becomes another factor in light of AAVE approaching the $151-$189 resistance range. The increased interest in buying shown by large holders combined with the short-term strength of AAVE may become a factor worth considering by the market players.
What Happens Next for AAVE Price?
The AAVE price is nearing a technical decision point ranging between $151 and $189. The short-term momentum for AAVE, according to More Crypto Online, is positive, with support at $113.60.
Breaking above the resistance level of $189 will see the technical setup change to the alternate blue pattern, whereas failure to break above the resistance will keep the current wave count under scrutiny.
On the other hand, the reported $9.3 million hoarding by the contract wallet among the top wallets holding AAVE is an on-chain event worth noting. At this stage, $113.60, $151, and $189 become the critical points for the AAVE rally.
Also Read: AAVE Price Eyes Recovery as DeFi Momentum Strengthens Outlook
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
