AAVE Price Poised For Rebound With $90 On The Crosshair – Time To Buy?

Christian Encila

2 years ago

3 mins read

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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.

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.

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 $90 – 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.

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.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.