The last trading month on the AAVE market passed without an active phase of price growth and capture of new territories. At this stage, buyers can already be proud of their success, taking control of the range of $280-$300. This range is mainly supported by buyers until May 2021. Although buyers were able to keep this May candle above the $280-$300 liquidity zone, market security was in question.
In the weekly timeframe, we see that sellers managed to take control of the $280-$300 range for 5 weeks. However, having won and got the opportunity to continue the downward trend, sellers were satisfied with all this. Last week, when the Bitcoin market made another attempt to fall, the AAVE price again tested the strength of the $280-$300 range. Certainly, closing the weekly candle above this range gave buyers an understanding of its power. Already this week, the AAVE price rose by 30% and almost covered the previous weekly candle. Confident control over this range opens the way for buyers to update the historical high within the new medium-term growth wave. Though, will it start with current prices?
Analyzing the daily timeframe, we see that buyers have reached a critical local liquidity zone of $415-$425. The chart shows that this range has turned the AAVE price twice. In addition, it is noticeable that buyers are gathering their strength in the range of $310-$340. Repeated testing of this range at low volumes will indicate the completion of consolidation and the beginning of a new growth wave in the near future.
Furthermore, it is also important that sellers cannot update the local low during this test. This will be another fact of completion of the local correction in the AAVE market. The main target of this scenario is to test the $615-$625 range. In this range, market participants will find out who is stronger and who will have a chance to build the next medium-term wave of AAVE price movements.
The high probability of a positive scenario is also evidenced by the AAVEBTC chart:
As you can see, buyers have finally been able to take control of the range of the previous historical high and are now fixed above it with the aim of shooting up. This consolidation has been going on since the beginning of 2021. Therefore, the new growth impulse promises to be strong, and the liquidity zone of $615-$625 will only be the first target from the global perspective.