Aave and Polygon are exhibiting strong market movements, drawing attention from traders and investors alike. As these two cryptocurrencies make notable strides, it’s essential to explore their recent price action and technical setups that could dictate their future trajectories.
Aave (AAVE), a leading decentralized finance protocol, has shown remarkable performance, recently breaking out from a symmetrical triangle pattern on its daily chart. This breakout is significant as it usually signals the continuation of the previous trend.
In Aave’s case, this trend is bullish, with the price surging by 11.90% in the last 24 hours, sitting at $126.10 at press time. As highlighted by World Of Charts, an analyst, the breakout has allowed the price to move sharply, now running at a 10% profit and heading towards a key resistance zone between $138 and $150. This zone has historically acted as a ceiling, and breaking through it could further solidify Aave’s upward momentum.
In terms of support, Aave’s price is expected to find immediate backing around the $114 to $118 range, where the breakout occurred. Moreover, a strong support level exists at the lower boundary of the previous triangle, aligning with the $84 to $92 range. If Aave faces a pullback, these levels could provide significant stability.
The target projection for Aave, derived from the triangle’s height, is around $200. This target represents a substantial upside potential of approximately 74.51% from the breakout point. With bullish momentum in play, Aave could continue to rise, although it may encounter some resistance near the $150 level before reaching its projected target.
MATIC to POL Upgrade on Polygon PoS Set for September 4World Of Charts’ further analysis on Polygon (MATIC) suggests that MATIC has been moving within a descending channel, indicating a downtrend over the past few months. Despite this, Polygon is now poised for a potential breakout, with its price currently near the upper boundary of the channel. A successful breakout above this boundary, particularly if it surpasses the $0.50 resistance level, could signal a reversal of the long-term downtrend.
Polygon’s price at the reporting time is $0.444529, up 6.97% in the last 24 hours. The key support levels for Polygon are around $0.42 and the lower boundary of the descending channel, near $0.33 to $0.37. Breaking above the descending channel could propel the price towards the next major resistance zone, estimated between $0.67 and $0.70. Furthermore, the projected target for Polygon, assuming a successful breakout, is around $1.125. Achieving this would represent a significant upside of approximately 143.26% from the current price.
