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What Happened in Crypto Market Today
AAVE Surges 24% in Explosive Rally, Breaking Key Resistance Levels
Institutional interest grows as AAVE establishes new support levels amid broader crypto market strength.
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What to know:
AAVE cryptocurrency has demonstrated remarkable bullish momentum, surging 23.2% from $214.06 to $263.73 in just 24 hours.
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AAVE's explosive rally broke through multiple resistance levels with increasing trading volume, particularly during the late-night hours when it surpassed the $250 psychological barrier.
The cryptocurrency has established support around $240 while consolidating above $263, suggesting potential for further upward movement as institutional interest grows amid broader market developments.
This performance comes as Bitcoin approaches new all-time highs and public companies continue increasing their cryptocurrency holdings, with firms like Strategy Corp planning to raise $84 billion for Bitcoin purchases.
Technical Analysis Highlights
Explosive price action between 23:00-02:00, with volume peaking at 232,392 units as AAVE broke through the $250 psychological barrier.
Support established around $240, with $267.656 serving as immediate resistance.
Consolidation behavior between $262.120 and $267.540 in the last hour, with notable volatility around 02:47.
Volume peaked during the 02:42 and 02:50 candles, suggesting institutional interest at these levels.
Higher low pattern formation since 03:19, with recent move from $263.566 to $264.776 at 03:27 indicating renewed buying pressure.
Price establishing a base above $263 before potentially challenging the $267.656 resistance level again.