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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 26, 2024 10:42 UTC
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Uniswap Targets 2x Rally, AAVE Eyes $290: What’s Next?
UNI's price has surged 32%, breaking out of a triangle pattern and challenging the $12 psychological resistance.
The rally has surpassed the 78.60% Fibonacci level and is poised for a 2x upside.
AAVE’s weekly chart shows a rounding bottom reversal, crossing above the 200-week EMA and 23.60% Fibonacci level.
AAVE price targets are at $234 and $290, while immediate resistance is near $200.
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.
Yes 
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