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Analyst Predicts ‘Moon’ Rallies for DeFi Altcoin, Says One Crypto Asset Coming to Life

Published

3 months ago

on


A widely followed crypto strategist says the governance token of a decentralized finance (DeFi) lending protocol is gearing up for rallies.

Pseudonymous analyst The Crypto Dog tells his 809,500 followers on the social media platform X that he’s bullish on Aave (AAVE).

The trader shares a chart that suggests AAVE has successfully retested the level at $107 as support.

“Think that’s gonna moon.”

Image
Source: The Crypto Dog/X

At time of writing, AAVE is trading for $111.62, down slightly in the past 24 hours but up over 46% since printing its August 5th low at around $75.

Turning to another DeFi project, Curve DAO (CRV), the analyst says the altcoin appears to be following in the footsteps of AAVE in its Bitcoin pair (AAVE/BTC).

“Finally, CRV comes to life… 

BTC near resistance, strong alts break out.

Pay attention to ratio pair strength Ignore alts that can’t pump against BTC.

AAVE leader now, I think CRV joins soon.”

Source: The Crypto Dog/X

At time of writing, CRV is trading for $0.313, down over 3% in the past day but up over 70% from its August 5th low at around $0.18.

While The Crypto Dog is bullish on AAVE and CRV, he says that altcoins look vulnerable at the moment.

“About to rebuy alts because if they don’t bounce here, I think they’re going to hades.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Moksha Labs/Natalia Siiatovskaia





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US Government Makes First AAVE Transaction In 8 Months

Published

4 weeks ago

on

October 24, 2024

By


The US government has ignited a selloff scare for AAVE after initiating its first transaction for the token in 8 months. According to data insights from Arkham Intelligence, the US Government transaction features a total of $5.4 million.

Is the US Government Earning With Aave?

Per the data shared, the funds were originally secured from the Bitfinex Hacker as marked by Arkham Intelligence. However, the exact transactions remains partly unclear considering the funds are paid out in USDC.

According to comments from the community, one explanation for this is that the US government locked up the funds on Aave. Based on this, it started earning interest as a liquidity provider on the Decentralized Finance (DeFi) lending platform.

This is a developing story, please check back for updates!!!

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Aave

AAVE Price Eyes $200 as Whale Buying Sphere Hits Key Fibonacci Support

Published

1 month ago

on

October 13, 2024

By


AAVE price displays a modest downtick of 0.83% during Sunday’s low volatility trading. The pullback temporarily stalled the current recovery but allowed buyers to replenish the bullish momentum before the next leap. Amid the formation of a bullish reversal pattern, the recently recorded whale buying positions AAVE price for a sustained rally.

AAVE Price Targets $200 as Whale Buying Spree Aligns with Fibonacci Support

According to Lookonchain analytics, a crypto whale recently bought 31,173 AAVE tokens worth around $4.8 million and deposited them into Aave. Shortly after, the whale borrowed around 2.7M GHO stablecoin from the Aave protocol and swapped them for USDC.

These stablecoins were deposited into the Coinbase exchange to acquire more AAVE, projecting a bullish outlook for this smart money. The use of GHO, a stablecoin associated with Aave, further showcases confidence in the Aave ecosystem.

The supply distribution metric from Santiment indicates that large holders with wallet sizes between 1 million to 10 million AAVE initiated a buying spree in August. This accumulation has now reached 4.17 million AAVE, highlighting strong whale activity. 

This trend suggests increasing confidence among large investors in AAVE’s price potential, possibly hinting at further upside momentum in the market.

Aave [on Ethereum]Aave [on Ethereum]
AAVE Supply Distribution | Santiment

AAVE Hint Major Reversal Pattern Breakout

Following the early October sell-off, the AAVE price managed to stabilize above $135 support since last week. This support is reinforced by both the 50-day exponential moving average and the 38.2% Fibonacci retracement level, providing a solid foundation for a potential price reversal.

The 38.2% FIB is typically seen as an ideal pullback zone for buyers to regain control after a period of exhausted bullish momentum. The recent reversal has uplifted asset 12% up to trade at $152.5 and formed a bullish reversal pattern called a double bottom.

The chart setup resembles a ‘W’ letter and indicates a renewed bullish momentum for a breakout opportunity. If the pattern holds true, the AAVE price rally could breach the $154.8 neckline and drive a post-breakout rally to $180, followed by $200.

AAVE Price AAVE Price
AAVE/USDT – 1d Chart

Alternatively, if the AAVE buyers fail to sustain a neckline breakout, the sellers could revert the price lower and seek support at the $115 level.

Frequently Asked Questions (FAQs)

Recent whale buying has significantly boosted confidence in AAVE, with large holders accumulating 4.17 million AAVE. This activity, aligned with key Fibonacci support, is pushing the price toward the $200 target.

The 38.2% Fibonacci retracement level has provided a key pullback zone, allowing buyers to regain control and pushing AAVE’s price recovery

AAVE has formed a double bottom pattern on the daily chart, which suggests a bullish reversal

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Aave

AAVE Price Eyes $200 Push as Buyers Conclude Two-Year Accumulation

Published

2 months ago

on

September 22, 2024

By


The AAVE price surged 3% during the Sunday training session, defying the low volatility momentum in the broader crypto market. This high-momentum rally pushed the asset to a peak of $162.5, a level not seen since May 2022. This movement indicates a significant breakout from the two-year accumulation phase, signaling the potential rally to $200.

AAVE Price Gears Up for $200 Surge After Two Years of Accumulation

Defying the ongoing consolidation trend in crypto markets, the AAVE price showcased a sustained recovery since July 2024 with new higher-high and higher-low formations in the daily chart. The bullish upswing uplifted the asset from $71 to $158, registering a growth of 123%. Consecutively, the market cap surged to $2.364 billion.

With an intraday gain of 5%, the AAVE price surged to $162.46 high, a level last recorded on May 5th, 2022. This upswing signals the end of a two-year accumulation trend, also highlighted by the founder of DefianceCapital, Arthur. According to his tweet, this breakout could signal a potential all-time high (ATH) reclaim, marking a significant moment in the ongoing DeFi resurgence. 

If the daily candle closes above $153, the buyers could drive a 25% upswing to challenge the $200 resistance, followed by an extended rally to $260.

A positive alignment between the daily Exponential moving average (20, 50, 100, and 200) indicates a high momentum in action. 

AAVE PriceAAVE Price
AAVE/USDT -1d Chart

According to Santiment data, the percentage of AAVE held by top addresses has steadily climbed to 55%. While a high value may signal centralization risk, it also indicates an accumulation trend among large holders and their confidence in future trends.

Moreover, the relatively low supply of AAVE on exchanges suggests reduced selling pressure, which is often a bullish signal, as fewer tokens are available for immediate sale.

AAVEAAVE
Santiment

On the contrary, if the AAVE price fails to sustain the $153 resistance breakout, the sellers could drive a bearish pullback to 20-or-50-day EMA.

Frequently Asked Questions (FAQs)

Yes, AAVE has broken out of a two-year accumulation phase, reaching a high of $162.5. If the price sustains above the key $153 resistance level, a potential 25% rally toward $200 is likely.

The postive alignment of the 20-50-100-and-200-day Exponential Moving Averages (EMAs) indicates strong bullish momentum

If AAVE price fails to sustain the $153 breakout, sellers could trigger a bearish pullback

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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