Date: Thu, March 06, 2025 | 07:07 AM GMT
The cryptocurrency market is experiencing a strong resurgence ahead of the upcoming White House crypto summit under Trump’s administration on Friday. Renewed investor confidence has pushed Bitcoin (BTC) back to $91K, recovering from its Tuesday low of $81K.
This bullish sentiment is spilling into the altcoin market, with Aave (AAVE) gaining 8% in the last 24 hours as it rebounds from a key support level.
Cup and Handle Pattern
On the weekly chart, AAVE has been forming a cup and handle pattern, a bullish continuation setup that typically signals an upcoming breakout. The price previously faced rejection at $399 on December 9 and retraced to its 50-day moving average (50 MA), where it found solid support around $167. From there, AAVE has bounced back, currently trading around $233, effectively completing the handle portion of the pattern.
This formation suggests that if AAVE continues its momentum and reclaims the $399 neckline resistance, it could trigger a major breakout. Such a move would mark a 70% increase from current levels and set the stage for further gains.
If AAVE successfully breaks above the $399 resistance, it could confirm a continuation of the uptrend and open the door for a major rally. The next potential targets lie in the $700 to $800 range, representing a possible 240% gain from current levels. However, a rejection at resistance could lead to a temporary pullback before another breakout attempt.
Final Thoughts
AAVE’s bounce from key support and the formation of a cup and handle pattern suggest a bullish breakout could be imminent. If the $399 resistance is broken, AAVE could rally significantly toward the $700-$800 range in the coming months. However, traders should remain cautious and monitor market sentiment, particularly following the upcoming White House crypto summit, which could play a significant role in shaping future price movements.
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