Will Aave Price Hit $200 This Year? Here's What Our Analysis Says

Amid a strong bullish reversal in the cryptocurrency market, the Aave price has recorded a significant jump in its valuation this week.

The cryptocurrency market has experienced a strong bullish reversal this week, with Aave (CRYPTO: AAVE) showing a significant price increase. The altcoin crossed the $150 mark on Thursday for the first time since May 5, sparking speculation among investors about the possibility of Aave reaching the $200 level this year.

Here's a closer look at the recent price action and what might lie ahead for Aave:

Recent Price Action: Over the past 24 hours, the Aave crypto recorded a 7.52% gain in its price, bringing it to $149.25, with a trading volume of $509,156,244. In the past week, Aave has risen by about 15%.

Over the past 60 hours, the crypto encountered resistance at $144 and support at $134, indicating a price surge of over 20% during this period.

In the past 30 days, Aave has shown a price increase of 56.77%, and year-to-date (YTD), the crypto has recorded a return of 36.85%. Currently, Aave ranks 35th in the cryptocurrency market.

Market Sentiments: On the 1D timeframe, the Stochastic RSI encountered a retest in its oversold range, leading to a sharp increase toward the overbought range.

The Simple Moving Average (SMA) continuously provides support for the Aave price, indicating buying-over-selling pressure in the crypto market.

Possibility Of Aave Price Hitting $200 This Year: If the bulls gain momentum, the AAVE price will prepare to retest its resistance level of $160 in the coming time. Maintaining the price at that level will set the stage for this altcoin to head toward its upper resistance level of $180 this month.

On the other hand, if a trend reversal occurs, the AAVE crypto will retest its support level of $138.75. Furthermore, if the bears continue to dominate the market, it may plunge toward its lower support level of $118.40.