AAVE is one of the altcoins that has seen an enhance in both volume and price over the past week. This is due to the enhance in positive sentiment surrounding the DeFi token, which is allowing bulls to regain control over the price. As this positive sentiment for the AAVE price continues to spread, an anonymous cryptocurrency analyst who goes by the pseudonym Persis10t on TradingView is predicting a rather bullish future for the cryptocurrency.

AAVE breaks out of the triangle

According to the analysis common According to a cryptocurrency analyst at TradingView, the price of AAVE was trading inside a triangle pattern. This could be bearish for the price, considering that triangle patterns tend to keep prices in a tight range. However, the good news is that the price of AAVE has now broken out of this triangle pattern.

This breakout signals an enhance in the momentum that has been pushing the price. It further suggests that the AAVE price is ready to push higher along with the rally. Despite the fact that the DeFi token fell to retest its breakout level, the crypto analyst believes that this is a good thing and a positive sign for the cryptocurrency.

Other factors supporting the bullish optimism include the fact that the AAVE price is supported by the 100-day moving average on the weekly time frame. This suggests bullish optimism in both the brief and medium term. Additionally, the noticeable enhance in 24-hour trading volume, which has remained steady over the past few days, lends credence to this bullish narrative.

Last but not least on the bullish list is the crossover of the 50-day and 100-day moving averages. As the crypto analyst explains, this crossover is something that could propel the price of AAVE from this point on, helping it sustain the rally.

How high can the price go?

As for how far the price of AAVE could go, the crypto analyst is incredibly positive about the future of the cryptocurrency. While AAVE is currently hovering around $150, the analyst believes it will hit four digits soon.

The chart shows that there will be corrections along the way, but ultimately, a breakout of the $1,000 level is expected. At the very top of the rally, the crypto analyst pegs the price at $2,516, which would be a 1,710% enhance from the current price.

At the time of writing, AAVE is trading at $151 after rising 0.5% over the past day. Similarly, the daily trading volume is seeing a slight enhance of 0.7%, which is $394.5 million.

Featured image from IQ.Wiki, chart from Tradingview.com