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AAVE Approaches Cycle High Despite Market Weakness While Hedera Preparing For a 25% Upswing-Here’s What’s Next
The cryptocurrency market has been facing some turmoil in recent times, with many assets experiencing a significant downturn. However, it’s worth noting that this situation may not be the case for every token. In fact, AAVE and Hedera have shown remarkable resilience amidst the gloomy backdrop, setting themselves up for significant price movements.
AAVE is on the cusp of reaching its cycle high, as the token has been steadily gaining traction in recent days. Despite the overall market weakness, AAVE has managed to buck the trend, and it’s likely that we may see a breakout above $370 in the coming days. This could potentially lead to massive gains for investors who are brave enough to take the plunge.
The chart patterns suggest a potential bounce of over 10% before the end of the year, with some even predicting a higher high before the start of 2025. The token has broken out of a bullish pattern and is now looking at a major resistance level of $400. AAVE has also triggered a rise of over 10%, followed by a horizontal consolidation period.
It’s clear that the bears have been trying to limit the token’s gains, but their efforts seem to be failing as AAVE continues to break free from its shackles. The stochastic RSI has entered the oversold zone and is preparing for a rebound, while the MACD is about to undergo a bearish crossover. This could lead to a strong correction below $370, which would only strengthen the token’s case in the short term.
On the other hand, Hedera (HBAR) seems to be preparing itself for an impressive 25% upswing. The token has been steadily rising and is slowly approaching its cycle high. There are concerns that the token may retest the previous highs, but it’s important to remember that this could also serve as a springboard for further gains.
It appears that the bears have given up on trying to suppress HBAR’s momentum, and we’re now seeing a clear display of buying pressure from whales and other large-scale investors. This surge in buying power is likely to be met with some resistance at the current levels, but it seems unlikely that this will stop the token from reaching its next milestone.
It’s difficult to predict exactly what will happen next, but one thing is certain – AAVE and Hedera have both demonstrated an incredible ability to adapt and thrive even in the face of adversity.
Source: coinpedia.org
