AAVE Price Poised For Rebound With $94 On The Crosshair – Time To Buy?
October 20 2022 - 4:40AM
NEWSBTC
AAVE is currently in a recovery phase, successfully breaching the
crucial $80 psychological resistance marker to trade at $82.52 at
the time of this writing, according to tracking from Coingecko.
AAVE manages to move past the crucial $80 resistance marker The
altcoin could be looking at a further push all the way up to $116
AAVE continues price pump despite Tron Founder’s massive withdrawal
from the crypto’s protocol Over the last seven days, the
cryptocurrency managed to tally a price increase of 15.4% as it
also goes up by 8% on a month-to-date basis. The bearish momentum
that plunged the crypto space into chaos for the past two months
have pulled AAVE price into a falling wedge pattern. Related
Reading: Elrond Coin Looks To Breach $55 Resistance – Is $65
Hittable This Month? Source: TradingView Under this, an asset’s
price moves into a bullish trend before an immediate correction
happens. There are two trendlines that are formed but the
consolidation halts when price breaks through the upper trend. That
movement signals bullish activity and by the looks of it, that’s
where AAVE is headed for the next few days. AAVE Price Momentum And
Analysis Over the last four days, AAVE managed to surge by 16.5%,
staying true to the nature of its falling wedge pattern despite the
crypto market dealing with erratic price movement. But, as the
pattern also suggest, there could be a price lowering momentum for
the digital asset as indicated by its daily candle which suggests a
retest of the $80 support marker. That shouldn’t be a problem, at
least for now, for AAVE, as it is predicted to resume its
resurgence once the retesting is complete, pushing all the way up
to $95 – and even to $116. The crypto’s vortex indicator is not
showing any weakness for the upcoming bull run and the increase in
trading volumes suggest AAVE is in a genuine price recovery as of
this moment. Weathering Negative Network Activity The altcoin is
performing well considering there is negative activity in its
network that involves Tron Founder Justin Sun. According to data
analytics and blockchain security firm PeckShieldAlert, the highly
touted crypto figure withdrew more than $100 million in USDT
stablecoins from Aave Protocol V2. The withdrawal was done in two
equal transactions worth $50 million each and was completed through
a wallet address funded by crypto exchange platform Poloniex.
Related Reading: Monero Coin Climbs 6% In Last 3 Days – Bullish
Activities Seen For XMR AAVE market cap at $1.16 billion on the
daily chart | Featured image from The Coin Republic, Chart:
TradingView.com Disclaimer: The analysis represents the author's
personal views and should not be construed as investment advice.
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