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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.
It 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 the 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 has pulled AAVE price into a falling wedge pattern.
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 suggests, 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 suggests AAVE is in a genuine price recovery as of this moment.
Weathering Negative Network Activity
The altcoin is performing well considering there is a 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 the crypto exchange platform Poloniex.
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.