Aave Intensifies Bull Run with Significant 16% Single-Day Price Hike

• Aave has factored in a significant price increase of 30.65% over the last 7 days.
• The altcoin’s daily trading volume surged by 185.57% as per CMC data.

As Donald Trump’s inauguration day makes significant strides toward being part of crypto history, the event has propelled market prices. In the past few hours, Bitcoin has soared to an all-time high of $109,588. However, the altcoin sector has not yet fully reflected this surge, as leading players have recorded mild downward movements. On the other hand, Trump-based memecoins have shown significant surges.

Notably, one of the altcoins AAVE depicted a significant surge of 16.46% in the last 24 hours. In the afternoon hours of January 19, Aave was trading at a low of $295.09 after which it sparked bullish candles. This recent bullish rally has caused the token to reclaim a crucial price milestone of $350 and surpass it to its intra-day high.

At the time of writing, AAVE was trading at $347.30 as per CMC data. In the past day, the cryptocurrency has tested a high of $365.39 before returning to the $350 level. Zooming out, to its weekly chart, Aave’s price cycle began at a low of $257.25.

Moreover, community members have begun to show bullish sentiments toward the altcoin, following its recent surge. Aave was ranked among the top five altcoins showing the most bullish signs over the last 24 hours.

Is Aave Set to Hit the $400 Mark Soon?

Analyzing its price movements Aave traces a pattern that indicates breaking out from a descending channel. This suggests that the altcoin might stage additional upward movements in the coming days. Additionally, its Moving Average Convergence Divergence (MACD) signal line recently crossed over the MACD line.

Moreover, its Chaikin Money Flow (CMF) indicator stands at 0.06 as per TradingView data. This suggests an increased capital flow into the altcoin over the past few days. From these aspects, we can infer that AAVE might inch closer to the $400 mark in case of the bull run being continued.

Other altcoins such as Solana and XRP have also shown similar price movements in the past 24 hours as per CMC data.