💥 AAVE Price Breaks 5-Week Consolidation, Eyes $150 Target
Discover how the AAVE price action defies broader market trends with a 31% increase, breaking past key resistances and forming bullish patterns. Analyze the impact of growing Total Value Locked in DeFi protocols on AAVE's potential surge to new highs.
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 Bitcoin’s price 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.
🔸 Defi Protocols See Significant Increase in Total Value Locked (TVL)
Amid the renewed recovery interest in the crypto market, the AAVE price 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.
💬 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.
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.
This significant rise marks a healthy growth in liquidity, showcasing the strengthening confidence and participation in DeFi protocols.
