CandleFocus

AAVE set for potential reversal as whales take profits from recent gains

Author: Content Editor
The digital assets market saw a surge in buying momentum, driving Bitcoin past $73,000 and leading to notable increases in the altcoin market, including AAVE. However, there has been a recent whale dump of AAVE and the asset is facing substantial overhead resistance, suggesting a potential retracement. A large-scale investor who purchased 160,710 AAVE assets at $89 per coin between June and August has started trimming their balance, transferring 19,592 AAVE tokens worth $3.02 million to Binance. This sell-off indicates the investor may be preparing to reduce losses due to potential reversals or consolidations. The investor still holds 141,118 AAVE tokens, reflecting confidence in the long-term performance of AAVE. Analysts believe that potential downsides in the crypto market will be short-lived, and they remain confident about new all-time highs for cryptocurrencies before 2024 ends. The altcoin AAVE has seen downward pressure and is currently trading at $151, with the possibility of a potential reversal. It is consolidating within a bull-flag setup, and breaking above the upper boundary could extend the current uptrend, potentially pushing AAVE towards $200.

Related News