2024

Defi

DeFi

Bitcoin

AAVE Price: Despite the broader market correction, Aave, the native token of the decentralized finance platform Aave, has experienced a significant uptick since last week. The altcoin saw a 13% increase, with its price climbing from $93 to $105.1. However, as <a href="https://coingape.com/bitcoin-price-regains-70000-memorial-day-rally-in-play/" rel="noopener noreferrer nofollow">Bitcoin’s price</a> stabilized above $67,000, most major altcoins, including AAVE, faced a decline in bullish momentum. This resulted in a bearish evening star candle pattern forming at $114, signaling the potential for a new correction.
Also Read: <a href="https://coingape.com/robert-kiyosaki-slams-bonds-are-safe-claims-advocates-buying-bitcoin/" rel="noopener noreferrer nofollow">Robert Kiyosaki Slams “Bonds Are Safe” Claims, Advocates Buying Bitcoin</a>
<h2 id="b-defi-protocols-see-significant-increase-in-total-value-locked-tvl-b">Defi Protocols See Significant Increase in Total Value Locked (TVL)</h2>
Source- <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/rLwOK7tx/">Tradingview</a>
Amid the renewed recovery interest in the crypto market, the <a href="https://coingape.com/price/aave/" rel="noopener noreferrer nofollow">AAVE price</a> managed to form a local bottom at a $80 psychological level. A positive turnaround from this support uplifted the asset by 31% within two weeks to reach $105.
<blockquote>
 During this rally, buyers broke through the $97.5 resistance level, moving out of a five-week accumulation phase to fuel a new recovery. Despite the broader market consolidation, AAVE’s price encountered overhead resistance at $114 and subsequently fell by 3.3% today.
</blockquote>
This downtick reveals the formation of a bearish evening star candle pattern which hints at a potential retest to $97.5 support.
In a recent analysis shared by renowned analyst ZYRE, the Total Value Locked (TVL) in DeFi protocols has demonstrated a robust upward movement. According to data from IntoTheBlock, the TVL has surged from $93.98 billion on May 20th to an impressive $108.61 billion by May 27th, indicating a substantial increase in liquidity within the DeFi space.&nbsp;
<blockquote class="twitter-tweet">
 The TVL of <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/DeFi?src=hash&amp;ref_src=twsrc%5Etfw">#DeFi</a> protocols did a healthy move from $93.98B on May 20th to $108.61B Today May 27th. There is a liquidity increase Source: <a rel="noopener noreferrer nofollow" href="https://twitter.com/intotheblock?ref_src=twsrc%5Etfw">@intotheblock</a> <a rel="noopener noreferrer nofollow" href="https://t.co/hsilns0Tbt">pic.twitter.com/hsilns0Tbt</a>
 — <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f35e.png" alt="🍞" class="wp-smiley" style="height: 1em; max-height: 1em;">ℤ𝕐ℝ𝔼 (@lord_zyre) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lord_zyre/status/1795011151048089768?ref_src=twsrc%5Etfw">May 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This significant rise marks a healthy growth in liquidity, showcasing the strengthening confidence and participation in DeFi protocols.
If the AAVE price breakout from $97.5 sustains, the buyers could drive a rally to $134, followed by $153.7.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A potential bullish crossover between the 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> from the 50-and-200-day EMA could accelerate the buying pressure in the AAVE price.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The uptick in ADX (27%) slope hints the prevailing bullish is not yet exhausted and buyers could lead a higher rally.</li>
</ul>
The post <a href="https://coingape.com/markets/aave-price-breaks-5-week-consolidation-eyes-150-target/" rel="noopener noreferrer nofollow">AAVE Price Breaks 5-Week Consolidation, Eyes $150 Target</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

AAVE Price Breaks 5-Week Consolidation, Eyes $150 Target

Table of Contents

Coingape News Media

Other articles published on May 28, 2024

Why was Ryan Salame given a sentence longer than prosecutors recommended?

Dogwifhat (WIF) Flashes a Buy Signal as It Rallies Toward Resistance

Google Cloud becomes a key node validator for Fantom (FTM)

Introducing TaskOn v1.7.7: Benefit Shop, Referral Program, and More

Ethereum vehicles attract $36m after ETF greenlight

Sell-off alert: Mt. Gox moves nearly $10 billion in Bitcoin

Join our free newsletter for daily crypto updates!