Kyber Network and AAVE prices are inching higher. At spot prices, KNC/USDT and AAVE/USDT setups could reach $5 and $580, respectively.
The Aave protocol is one of the leading DeFi lending and borrowing platform, supporting a range of tokens. The AAVE token primes its system.
The token is firmly in green territory as it glides.
Trading at $584 as of writing, the price is up roughly 17 percent against USD and BTC.
At the same time, AAVE is gaining versus a solid ETH, adding 11 percent on the last trading day.
Meanwhile, there is interest from the broader trading community. Adding 79 percent, the average trading volumes of AAVE are up $986 million.
AAVE technical analysis indicates demand. In return, AAVE/USDT is trading within a bullish breakout pattern above March and April 2021 highs of $450.
From the daily chart, AAVE/USDT price action found support at the 50 percent Fibonacci retracement level of the Q1 2021 trade range at $300.
The reversal of early May 2021 losses is a shot in the arm for buyers angling for more price gains towards $580.
AAVE buyers are in a commanding position judging from the candlestick arrangement in the daily chart.
Every low could technically be a loading opportunity as long as prices are above March and April 2021 highs.
The first feasible target is $580—the Q1 2021 high.
Kyber Network is an on-chain liquidity protocol that aggregates liquidity from various sources for seamless and smooth swapping of tokens. These services are built around the KNC token.
Overly, KNC buyers have a chance.
However, prices are in range mode, bouncing within a $1.6 zone defined by $2.2 and $3.8. This trading zone is within April 2021 trade range.
Despite the confidence, participation has tapered as trading volumes contracted 24 percent to $151 million.
The KNC/USDT technical analysis of candlestick arrangement in the daily chart points to buyers.
Although prices are in consolidation, key reaction levels lie at $3 and $3.8. A breakout in either direction may see KNC/USDT soar or rewind gains.
Aforementioned, Kyber Network buyers stand a chance. A close above $3.8 would likely see KNC/USDT soar to $5—the 1.618 Fibonacci extension level of the Q1 2021 trade range.
On the flip side, losses below $3 and last week's low may see KNC prices dump down to $2.2—April 2021 lows.