Aave surges, up 16% despite crypto market jitters

on Jun 28, 2024
  • AAVE price spiked more than 16% to break to above $91 early Tuesday.
  • Altcoin's gains come as Bitcoin continues to struggle under sell-off pressure.
  • Meanwhile, AAVE has formed a falling wedge pattern, with a potential breakout to above $100

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AAVE price is up 16% in the past 24 hours as the DeFi token records a notable bullish flip.

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According to details on CoinGecko, Aave price was at $91.73 at the time of writing (6:05 am ET on June 25). The cryptocurrency’s trading volume was around $208 million, up more than 113% in the last 24 hours.

Coinglass data shows open interest in Aave has jumped 50% in the past 24 hours to 752.97K AAVE, or over $69 million.

Market jitters push Bitcoin down

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Jitters around Mt.Gox repayments saw Bitcoin dipping below $60,000 on Monday before rebounding above the psychological level early Tuesday.

BTC however continues to struggle as market dominance falls amid sell-off pressure – including from a German government linked wallet.

According to Lookonchain, the German government’s wallet has transferred another 900 BTC worth over $54.7 million today. Data the on-chain analysis and insights platform shared via X shows 400 of the wallet’s transfers, worth $24.3 million, has been to crypto exchanges Kraken and Coinbase.

While market analysts say Mt. Gox’ repayments of over $8.5 billion are unlikely to put crypto prices under sustained pressure, the immediate outlook has some BTC holders selling.

Also, analysts anticipate selling pressure to persist given the German government currently holds over 46,000 BTC worth more than $2.83 billion.

AAVE spikes as bulls eye breakout

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As Bitcoin remains near the key price level, altcoins that fell alongside BTC on Monday are showing signs of upward action.

Today, notable rebounders include Solana, Toncoin and Injective. The market has also seen meme coins dogwifhat, Pepe and Floki as well as AI tokens FET, AGIX and OCEAN, show signs of a fresh resurgence.

Aave’s price gain comes amid the broader bounce for altcoins. However, the DeFi token currently tops the gainers list among major altcoins in the top 100, with double digit gains of +16% pushing its price toward the key $100 level.

AAVE chart from TradingView

On the daily chart above, its observable that AAVE has formed a falling wedge pattern. If the price rises further, a breakout above the resistance line could see prices soar by 43% to above $140.

This positive outlook gets a boost from the daily RSI and MACD indicators. Both suggest buyers have an upper hand, with the momentum indicator signaling a bullish flip.

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