AAVE Price Eyes $150 Peak with Double-Bottom Breakout Amid Market Correction

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This week, AAVE and Curve DAO tokens demonstrated notable resilience amidst a broader market correction.
There are emerging patterns suggesting a potential reversal and positive on-chain metrics growth.
Experts identify significant price breakthrough patterns in both tokens, presenting lucrative opportunities for investors.

Explore AAVE and Curve DAO’s astonishing resilience and potential for recovery amidst market corrections. Discover what experts say about their future trends.

Resilience of AAVE and Curve DAO Tokens

The crypto market experienced a sharp correction this week, mirroring Bitcoin’s downturn. Despite this, AAVE and Curve DAO tokens have shown dramatic resilience, hinting at a potential market rebound. Bitcoin’s retreat to $62,000, following a peak of $70,000, set off a corrective phase across most altcoins. However, AAVE and Curve DAO defied this trend, showcasing robustness through emerging bullish patterns that may signal further recovery.

AAVE’s Double Bottom Breakthrough

AAVE has exhibited a strong recovery over the past two weeks, reversing the bearish trend that dominated the market. The asset has risen from $85.75 to $116.50, marking a notable 35.8% increase. This upswing culminated on August 1, when AAVE breached the $110 neckline of its double bottom pattern, a significant technical indicator that often precedes a substantial upward movement. Currently trading at $115 with a market cap of $1.72 billion, AAVE continues to show promise. The recent pattern forecasts a potential climb of up to 35%, aiming for the $150 mark.

Supporting this bullish outlook, on-chain metrics reveal promising signs. Active addresses have nearly doubled from 583 to 1.14k in the past fortnight, with new addresses scaling from 144 to 300, reflecting increasing network activity. However, a counterpoint to this optimism would be a drop below $110, which could invalidate the bullish trend and push the price back toward $71.

Curve DAO’s Symmetrical Triangle Breakout

The Curve DAO token (CRV) has been trading within a symmetrical triangle for over seven weeks, signifying consolidation. This week, CRV broke out from this pattern, signaling a possible positive shift in market momentum. Now trading at $0.28, CRV stands on the verge of a potential rally, with its target set at $0.367, a 30% increase from its current value. This breakout aligns with the long-term downward wedge pattern, suggesting that the ongoing downtrend may be nearing its conclusion.

Further reinforcing this outlook is the growing open interest in CRV futures, which has surged from $66.7 million to $94.8 million—a 42% increase within a week. This spike indicates increased trader interest and suggests potential upward price pressure. However, market volatility remains, and any reversion into the triangle could strengthen sellers’ positions, possibly driving the price down to $0.21.

Conclusion

As the market corrects, AAVE and Curve DAO tokens have shown an impressive ability to withstand negative pressures, supported by strong technical patterns and positive on-chain metrics. Investors should watch key levels like AAVE’s $110 support and Curve DAO’s recent breakout points. Both tokens exhibit potential for significant gains, but awareness of market volatility and vigilant monitoring of technical indicators will be crucial for making informed investment decisions.

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