As a seasoned analyst with over two decades of experience under my belt, I’ve seen bull and bear markets come and go, but few assets have captured my attention like AAVE has recently. The whale buying spree, coupled with the strong accumulation by large holders, is a clear sign that the smart money is betting on AAVE’s price potential.
On Sunday, I observed a minor decrease of 0.83% in the price of AAVE during periods of low trading volatility. This temporary pullback temporarily halted the ongoing recovery but provided an opportunity for buyers to regroup and rebuild their bullish momentum before another surge. Given the formation of a potential bullish reversal pattern, I notice that whales have recently established buying positions in AAVE, which could lead to a prolonged rally.
AAVE Price Targets $200 as Whale Buying Spree Aligns with Fibonacci Support
As a researcher delving into cryptocurrency trends, I’ve recently uncovered an interesting development. According to Lookonchain analytics, a significant crypto investor (referred to as a ‘whale’) has purchased approximately 31,173 AAVE tokens, valued at roughly $4.8 million, and subsequently deposited these tokens into the Aave platform. Not long after this move, this whale borrowed close to 2.7 million GHO stablecoins from the Aave protocol, then exchanged them for USDC.
These stablecoins were deposited into the Coinbase exchange to acquire more AAVE, projecting a bullish outlook for this smart money. The use of GHO, a stablecoin associated with Aave, further showcases confidence in the Aave ecosystem.
A whale is going long on $AAVE.
The whale bought 31,173 $AAVE($4.8M) 9 hours ago and deposited it into #Aave.
Then he borrowed 2.7M $GHO from #Aave and swapped it to $USDC.
And deposited the $USDC into #Coinbase to buy more $AAVE.
Address:
— Lookonchain (@lookonchain) October 13, 2024
Based on data from Santiment, it’s clear that significant buyers of AAVE, holding between 1 million and 10 million tokens, went on a purchasing spree during the month of August. This accumulation has now grown to 4.17 million AAVE, suggesting high levels of whale activity and strong investment interest.
This pattern indicates growing optimism among major investors about the future value of AAVE, potentially indicating more upward movement in the market.
AAVE Hint Major Reversal Pattern Breakout
Over the past week, the AAVE price has held steady above its $135 support level. This stability is due in part to the 50-day exponential moving average and the 38.2% Fibonacci retracement level, which together create a strong base for a possible price increase.
In simpler terms, the 38.2% FIB (Fibonacci Retracement) is often considered an optimal spot for buyers to take charge again following a stretch of overextended optimism. The latest shift has boosted the asset’s value by 12%, pushing it up to $152.5, and created a bullish reversal pattern known as a double bottom.
The structure of the chart appears similar to the letter ‘W’ and signals a potential resurgence in bullish energy for a breakout chance. If this pattern persists, the price of AAVE might surge past the $154.8 resistance level (neckline), triggering a post-breakout surge towards $180, which could subsequently push it further to $200.
If the buyers using African-American Vernacular English (AAVE) don’t manage to maintain a breakout above the neckline, the sellers might push the price downward and find support at the $115 mark.
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2024-10-13 15:22