The DeFi token Aave has seen a sudden recovery in the crypto market as Bitcoin approaches the $91,000 mark. Aave has increased by 25% in the past 24 hours and is currently trading at $218 with a market cap of $3.29 billion. It is speculated that this short-term recovery may lead Aave to reach the $300 mark.

The Aave price action in the weekly chart shows rejections at lower price levels, but maintains a positive alignment with the 50, 100, and 200-week EMA lines. However, the MACD and signal lines indicate a bearish trend.

Despite this, if Aave can stay above the 61.80% Fibonacci level, a new bullish reversal pattern called the morning star pattern may emerge, potentially pushing the token to create a new 52-week high and surpass the $400 psychological mark. The long-term price target is optimistic, with the immediate key resistance at the 78.60% Fibonacci level of $321.

Whales have shown interest in acquiring Aave, with one spending nearly $4 million to purchase the token. The wallet belonging to the whale also holds a significant amount of PEPE tokens, a meme coin, worth around $20 million.

Overall, the article suggests that Aave has experienced a strong recovery and has the potential for further growth, but there are still key resistance levels and bearish indicators to consider.



Other News from Today