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Since mid-July, the cryptocurrency market has showcased high recovery momentum following a Bitcoin rally past $65k. While most of the major altcoins leveraged the bullish sentiment to extend north march, the AAVE price underperformed and reverted below the $100 floor. However, a deeper analysis of a shorter time frame shows this pullback as a bull-flag formation, projecting an opportunity to capture the next recovery leap. 
<h2 id="strong-bull-flag-pattern-signals-aave-price-surge-to-114-amid-defi-growth-strong">Bull-Flag Pattern Signals AAVE Price Surge to $114 Amid DeFi Growth</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/6/6r3jIAMA.png" alt="BINANCE:AAVEUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 AAVE | Tradingview
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Amid the early July market recovery, the <a href="https://coingape.com/price/aave/">AAVE price</a> correction showcased bottom formation at $76. This horizontal support since October 2023 remains a high accumulation zone for crypto buyers, boosting the coin value by 50% to hit $106.8 high. 
On July 12th, the rising AAVE coin breached the downsloping trendline of the descending triangle pattern, signaling an early sign of trend reversal. However, the altcoin price reverted immediately to trade at $95, while the market cap fell to $1.418. 
However, an analysis of the 4-hour chart shows the pullback resonated strictly within two converging trendlines revealing the formation of a <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">bull-flag pattern</a>. The decreasing volume accompanying the drop also indicates a reduced willingness among traders to initiate short positions. 
Moreover, a recent analysis by IntoTheBlock’s content partner Champagne Mam highlights the significant growth in the <a href="https://coingape.com/top-defi-protocols/">decentralized finance</a> (DeFi) lending sector, with AAVE emerging as the dominant platform. The total value of loans facilitated by AAVE has skyrocketed from $5.5 billion in May to an impressive $8.22 billion today. 
<blockquote class="twitter-tweet"> 
 According to <a rel="nofollow" href="https://twitter.com/intotheblock?ref_src=twsrc%5Etfw">@intotheblock</a>, <a rel="nofollow" href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAVE</a> dominates DeFi lending, surging from $5.5B in May to $8.22B in loans today. 
 Spark, Euler and Radiant Finance are also gaining traction.<a rel="nofollow" href="https://t.co/jVpi8HhtNq">https://t.co/jVpi8HhtNq</a> <a rel="nofollow" href="https://t.co/R572TfCNrI">pic.twitter.com/R572TfCNrI</a> 
 — champagne mami <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f495.png" alt="💕" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@EkponoAkwaowo) <a rel="nofollow" href="https://twitter.com/EkponoAkwaowo/status/1815630937046094112?ref_src=twsrc%5Etfw">July 23, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This surge underscores AAVE’s pivotal role in the DeFi ecosystem and its capacity to attract substantial loan volumes. Moreover, the emergence of competitors like Spark, Euler, and Radiant Finance fosters innovation and provides users with diverse options for their lending needs. 
If the flag identification is corrected, the <a href="https://coingape.com/education/what-is-aave/">AAVE</a> price is poised to breach the overhead trendline as a signal of renewed recovery. The post-breakout rally could push the $114.7, followed by $134. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">EMAs: The flat-lined 100D and 200D <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">Exponential Moving Averages</a> hint the mid-to-long-term trend is sideways with sufficient room for higher recovery.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">ADX: The daily ADX (22%) slope’s downward trajectory suggests that the prevailing bearish trend is losing strength.</li> 
</ul> 
The post <a href="https://coingape.com/markets/aave-price-targets-100-comeback-as-defi-lending-hits-8-22-billion/">AAVE Price Targets $100 Comeback as DeFi Lending Hits $8.22 Billion</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

AAVE Price Targets $100 Comeback as DeFi Lending Hits $8.22 Billion

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