DeFi Market Experiences Increased Volatility with Aave, Maker, and Lido DAO
Bitcoin (BTC) has dropped below $100K, closing at $97,057, with a recent bounce back to $97,911, reflecting an intraday rise of 0.88%. The DeFi market is experiencing increased volatility, and top-performing DeFi tokens are pulling back by 2-7% as a whale begins to take profits.
Whale Offloads Major DeFi Tokens
A whale strategically offloaded 1.4 million LDO tokens, worth $3.03 million, on Binance after buying them for $3.09 million between June 21 and June 26. The sell-off occurred when LDO reached a 24-hour high of $2.22.
The whale also purchased AAVE and MKR tokens, totaling $9.57 million: 39,469 AAVE tokens at an average price of $82.44 and 2,561 MKR tokens at an average price of $2,470. The whale's current profit stands at $6.97 million on AAVE, while it incurs a loss of $783,000 on MKR.
Will Aave, Maker, and Lido DAO Lead the DeFi Rally?
In the last 24 hours, top DeFi tokens, including Aave, Maker, and Lido DAO, have shown minor slowdowns. Currently, Aave trades at $258.94, with a 30-day return of 60%; its market cap is nearing $4 billion. MKR trades at $2,124, with a market cap of $1.88 billion and a 30-day increase of approximately 65%. Lido DAO's market cap is $1.92 billion, up 90% over the past month. While weekly and monthly trends indicate a bull run, short-term performance shows a minor slump. Technical analyses suggest potential price targets for these tokens.
AAVE
AAVE maintains dominance above the $250 mark, showing a rounding bottom reversal in its weekly chart. The neckline aligns with the 78.6% Fibonacci level at $312. A recent surge of 23% suggests a bullish engulfing candle, indicating a possible breakout toward $528 by early 2025.
Source: Tradingview
Maker
The MKR price trend indicates a V-shaped reversal, forming a Morning Star pattern with six consecutive bullish candles. It has surpassed the 50% Fibonacci level and is challenging the $2,000 psychological mark. The upward momentum suggests a potential challenge near the 78.60% Fibonacci level at $3,724.
Source: Tradingview
Lido DAO
LDO's daily chart displays a breakout from a long-standing resistance line, surpassing the $2 mark and challenging Fibonacci levels at $2.15. This marks a trend reversal, with a bullish crossover between the 100 and 50-day exponential moving averages. Upside price targets for LDO tokens are projected at $2.72 and $3.69.
Source: Tradingview