Rally

bullish

Million

Resistance

AAVE price outperforms the crypto market uncertainty by an 8% jump to $125 during the Tuesday trading session. The buying momentum can be attributed to whale accumulation and on-chain expansion, projecting the potential for higher recovery. 
<h2 id="aave-price-rally-backed-by-whale-buying-and-onchain-expansion">AAVE Price Rally Backed By Whale Buying and Onchain Expansion</h2> 
The cryptocurrency market is still recovering from the major sell-off witnessed during July and early August. Amid the correction, the crypto-leading platform AAVE recorded a <a href="https://coingape.com/markets/aave-price-to-80-300m-liquidation-wave/">massive liquidation</a> of $260 Million, according to Kaiko analytics. While such liquidation typically bolsters a prolonged correction, AAVE price sparked an immediate recovery, indicating the investor’s interest in its discounted value. 
<img decoding="async" class="aligncenter wp-image-213239 size-large" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_22-02-45-1224x671.png" alt="AAVE liquidation" width="1224" height="671" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_22-02-45-1224x671.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_22-02-45-300x164.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_22-02-45-768x421.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_22-02-45-150x82.png 150w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_22-02-45.png 1512w" sizes="(max-width: 1224px) 100vw, 1224px"> 
This accumulation thesis gained traction as the Onchain data tracker showed a recent accumulation of 31,407 AAVE ( worth $3.92M) by two whales. Despite a 28% weekly growth in AAVE, these heavy transactions hint at the potential for further rally. 
<blockquote class="twitter-tweet"> 
 2 whales bought 31,407 <a rel="nofollow" href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAVE</a>($3.92M) in the past 4 hours! 
 Whale”0x3737″ holds 3.56T <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($28.4M) with a profit of over $28M on <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>. 
 He spent 813 <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($2.18M) to buy 17,690 <a rel="nofollow" href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAVE</a> at $123 in the past 4 hours.<a rel="nofollow" href="https://t.co/zoKrgBuOYu">https://t.co/zoKrgBuOYu</a> 
 Whale”0x1D15″ withdrew 13,717 <a rel="nofollow" href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAVE</a>($1.73M)… <a rel="nofollow" href="https://t.co/UOnnH9RU88">pic.twitter.com/UOnnH9RU88</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1825772027590123561?ref_src=twsrc%5Etfw">August 20, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Moreover, the recovery coincides with a notable surge in active address activity. Data from <a rel="nofollow" href="https://www.intotheblock.com/">intotheblock</a> shows the metric surge to a three-month high, indicating growing user engagement and network activity. This increase in active addresses suggests more participants are entering the market, potentially fueling further price momentum for AAVE. 
<figure id="attachment_213240" aria-describedby="caption-attachment-213240" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213240" src="https://coingape.com/wp-content/uploads/2024/08/GVakGq6WwAAWHER.jpeg" alt="Active Addresses" width="1711" height="425" srcset="https://coingape.com/wp-content/uploads/2024/08/GVakGq6WwAAWHER.jpeg 1711w, https://coingape.com/wp-content/uploads/2024/08/GVakGq6WwAAWHER-300x75.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/GVakGq6WwAAWHER-1224x304.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/GVakGq6WwAAWHER-768x191.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/GVakGq6WwAAWHER-1536x382.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/08/GVakGq6WwAAWHER-150x37.jpeg 150w" sizes="(max-width: 1711px) 100vw, 1711px">
 <figcaption id="caption-attachment-213240" class="wp-caption-text">
 Active Addresses | Intotheblock
 </figcaption>
</figure> 
<h2 id="span-style-font-weight-400-key-resistance-breakout-hints-prolong-recovery-ahead-span">Key Resistance Breakout Hints Prolong Recovery Ahead</h2> 
Amid the last two weeks’ recovery, the <a href="https://coingape.com/markets/aave-price-to-80-300m-liquidation-wave/">AAVE price</a> bounced from $90 to $125, registering a 28% growth. This recovery, backed by increasing volume, highlights the trader’s conviction to enter a long trader. 
The AAVE price is up 8% today to give a decisive breakout from the $118 resistance. The Average Directional Index (ADX) uptick to 19% accentuates the recovery is in the early stage and could drive an extended recovery.&nbsp; If the daily candle closes, the buyers could gain suitable support to lead a 23% rally to target $153. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/t/TpA7fgv3.png" alt="AAVE price" width="1946" height="893">
 <figcaption class="wp-caption-text">
 AAVE|USDT – 1d Chart
 </figcaption>
</figure> 
On the contrary, altcoin has departed from fast-moving exponential moving averages (EMA) such as 20 and 50. This often indicates an over-extended rally, which needs a short correction to recuperate the bullish momentum. 
Therefore, the AAVE price may revert from the $132 resistance and revisit the $110 floor. 
The post <a href="https://coingape.com/markets/aave-price-eyes-150-despite-million-in-liquidation-will-bulls-make-it/">AAVE Price Eyes $150 Despite Million in Liquidation, Will Bulls Make it?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

AAVE Price Eyes $150 Despite Million in Liquidation, Will Bulls Make it?

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