The cryptocurrency market is continuing its November momentum on the second day as both Bitcoin (BTC) and Ethereum (ETH) trade in green. Major altcoins are following the positive sentiment — including Layer 2 token Aevo (AEVO), which is showing early signs of strength.
AEVO is trading in the green with a modest jump, but more importantly, its chart is now displaying a key bullish pattern that hints at a potential breakout in the sessions ahead.
Descending Broadening Wedge Pattern in Play
On the 2-hour chart, AEVO has been moving within a descending broadening wedge — a bullish technical formation that typically appears during a downtrend and often signals an upcoming reversal once the price breaks upward.
During its recent pullback, AEVO tested the lower wedge support near $0.0548, marking a temporary bottom where buyers stepped in to absorb the selling pressure. Since then, the token has shown a solid rebound, climbing back toward $0.0594, where it now trades close to the wedge’s upper resistance line.
This price action indicates growing bullish momentum as AEVO continues to compress near the top boundary — a zone where volatility usually expands and breakouts tend to occur.
What’s Next for AEVO?
If bulls manage to push AEVO above the upper wedge trendline and reclaim the 100 MA around $0.0627, it could open doors for a strong upside breakout. In that scenario, the token’s next technical target sits around the $0.0747 region, representing roughly 25% upside from current levels.
However, if AEVO fails to breach resistance and faces rejection, the token could stay trapped within the wedge a bit longer. In that case, $0.0572 will act as a crucial short-term support, where renewed buying interest might emerge.
At present, the technical structure remains constructive — and if overall market momentum continues to lean bullish, AEVO could soon join the list of altcoins leading the next leg of the November crypto rally.