AAVE Price Eyes Crucial Breakout at $108

The AAVE token has been steadily climbing in value since June of this year, reaching as high as $60. Now, it's making a push towards breaking above its 200-day EMA, a key technical indicator.

This move is reminiscent of the breakout in late 2023, when AAVE surged to nearly $400 after breaching its 200-day EMA. While history doesn't guarantee a repeat performance, the current setup bears some striking similarities.

The token's price is currently approaching the $108 level, a crucial test point. If it can successfully flip this area and hold above it, the technical picture for AAVE could strengthen significantly.

But what's driving this momentum? The rise in active addresses suggests growing user interest, which adds weight to the argument that AAVE is due for a breakout. Meanwhile, stablecoin activity remains high on the protocol, with total stablecoins supplied reaching $8.98 billion and utilization at 82.46%.