Crypto markets remain strong as trading approaches the end of the month. Although volatility has not reached the required levels, the majority of tokens show their willingness to reclaim yearly highs. Among them are Aave and Avalanche, which have risen after a fairly long consolidation.
Aave (AAVE) aims for 40% gain after breakout
Since falling from the highs during the 2021 bull run, AAVE price remained trending below $110 for more than 30 months. However, the bullish start to the week has pushed the levels above the pattern and created a strong path to reclaim the lost levels. Currently, AAVE price is rising to test the preliminary resistance at $145, and a break above the yearly highs could provide a good push towards the higher targets.
The consolidated rise within the parallel channel has shown the growing strength of the bulls that has reversed the trend of the rally. The OBV or the on-balance volume, which has large fluctuations, has now reached the upper threshold. If the levels remain parallel to the upper threshold, the AAVE price may enter a nice uptrend; otherwise, a deviation could trigger a rejection. However, considering the current trading setup, the AAVE price is expected to rise above $145 and after a minor decline, resume its upswing to test higher targets.
Avalanche price (AVAX) prepares for a breakout and hits $30
A little different from the AAVE price rally, AVAX price is stuck in a descending parallel channel. The price is constantly forming lower highs and lower lows, indicating bearish dominance over the rally. However, another upward push of over 15% could confirm a trend reversal that could soon usher in a fresh upswing.
After the recent rejection by the channel resistance, the price rebounded parabolically and is about to test these levels. The DMI or Direct Movement Index is a trend indicator that is about to send bullish signals as +Di and -Di are heading for a bullish crossover. With this, the price is expected to reach the channel resistance at $26.34 and surpass the supertrend levels. This move could turn the supertrend into a bullish trend that could activate the upper target above $30.
