Whales Sell Over $5.5 Million in AAVE as Price Drops 20%
AAVE Price Decline
- AAVE has dropped 20% in the past week, trading at $232.6.
- The market cap decreased by nearly $900 million to approximately $3.52 billion.
- Large holders sold over $5.5 million worth of AAVE recently.
- Whale address 0x1f4A deposited 15,646 AAVE (approximately $3.45 million) to Binance.
- Another whale, 0x8d8B, sold 9,290 AAVE for $2.05 million USDC.
Technical Analysis
- RSI indicates AAVE is nearing oversold territory.
- Bollinger Bands show AAVE is trading below the midline, signaling potential overselling.
- Immediate resistance levels are around $265 and $310.
- A break below the $219 support could lead to further declines towards $200.
Future Outlook
- Analyst predicts a possible +168% breakout toward $600 based on long-term patterns.
- Current bearish momentum continues as indicated by MACD analysis.
Broader Market Trends
- Total crypto market capitalization has decreased by 1% in the last 24 hours to $3.12 trillion.
- Major altcoins like Ether, XRP, and Solana are also experiencing losses.
- Altcoin season indicator has hit its lowest point in two years, suggesting a potential rally might be imminent.