The Aave (AAVE) price prediction is bullish due to a reclaim of a long-term horizontal support area and a short-term breakout. The Compound (COMP) price is trading inside a descending parallel channel and is approaching a crucial horizontal support area.
AAVE Price Prediction: Has Long-Term Correction Ended?
AAVE is one of the most well-known decentralized finance (DeFi) platforms. It allows users to lend and borrow. The AAVE price has decreased inside a long-term descending parallel channel since reaching an all-time high price of $527.80 in May 2021. The decrease led to a minimum price of $45.60 in June 2022.
Initially, this decrease seemed to cause a breakdown below the $72 horizontal support area (red circle). The area had previously provided support since early 2021 (green icons). However, the AAVE price regained its footing shortly afterward and reclaimed the area. It validated it as support in Oct.
