AAVE Price Analysis: Will AAVE Price to $200 Be Delayed as Whale Starts Profit-Taking?

During Tuesday's U.S market session, the crypto market witnessed a surge in buying pressure as Bitcoin price rallied above $70,000.

Bitcoin price rallied above $70,000 on Tuesday as the crypto market witnessed a surge in buying pressure. AAVE price followed the bullish momentum along with most major altcoins, signaling renewed confidence in the Q4 bull run.

However, the recent whale sell-off and strong overhead resistance suggest substantial barriers that could delay AAVE’s breakout past $200.

Currently, the AAVE price trades at $150.33 with a modest loss of 0.61%. According to the Coingecko data, the asset shows a market cap of $2.25 Billion and a 24-hour trading volume of $209.15 Million.

Will AAVE Price to $200 Be Delayed as Whale Starts Profit-Taking?

As reported earlier by Cryptoslate, a crypto whale who acquired 160,710 AAVE tokens at $89 per token during June-August has started to cash in on his substantial holdings. In a recent transaction, the smart money transferred 19,592 AAVE ( worth approximately $3.02 Million) to the crypto exchange Binance.

This sell-off suggests that the largest holder may be looking to reduce exposure in AAVE due to a potential reversal or anticipated lack of movement in the near future. Generally, whale selling coincides with major market top and bearish sentiment, potentially delaying the recovery momentum in an asset.

With the crypto market today, the whale still holds 141,118 AAVE, currently valued at $21.78 million.

AAVE Price Analysis: Flag Reversal Hints Prolong Correction

Over the past six weeks, the price of AAVE has been sideways, with a slight downtick in the daily chart. This consolation resonating within two converging trendlines indicated the formation of a bull-flag pattern.

Theoretically, the pattern shows a strong uptrend through a ‘Pole’ formation, followed by a temporary pullback outlined by two downsloping trendlines representing a ‘flag.’ Currently, the AAVE price shows a bearish reversal from the pattern’s upper trendline, signaling another bear cycle within the flag structure.

The post AAVE Price Analysis: Flag Reversal, Whale Sell-Off May Delay Rally Past $200 appeared first on CryptoSlate.

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