Technical analysis by Rick_SimpleSwap about Symbol AAVE: Buy recommendation (12/21/2023)

We're discussing the development idea in the accumulation phase for the AAVE/USDT crypto pair.In June 2022, there was a notable decline in the asset, hitting a local bottom of the existing bearish trend at $45.80. However, it confidently surged from this level, reaching $115.27, showing over a 150% increase. Later on, the asset chart displayed the formation of a descending triangle, accompanied by significant trading volumes.Currently, we observe AAVE's price breaking out of the described triangle and starting to trade within an ascending channel, confined by values from $115.27. This might indicate a potential continuation of the accumulation phase with a possible price squeeze toward the local maximum. Hence, the present trends and price chart structure suggest interesting dynamics in the asset's movement.Considering these trends, it's conceivable that the asset is preparing to surpass the local maximum of $115.27, paving the way for further upward movement. The initial target for this upward trend could be the strong resistance level at $200. If this level is successfully breached and bullish pressure is sustained, the subsequent potential target could be around $260.