The post Fresh Accumulation for AAVE, MKR, IMX, and FET: What’s Brewing? appeared on BitcoinEthereumNews.com.

A whale accumulated millions of AAVE, MKR, IMX, and FET and moved them from exchanges. AAVE may hit $110 while MKR also showed bullish prospects in the short term. IMX’s 4x 365-day increases may move higher but FET may continue correcting. Tokens including Aave (AAVE), Maker (MKR), Fetch.ai (FET), and Immutable X (IMX) have experienced a surge in accumulation lately, Lookonchain disclosed. According to Lookonchain, whales have been at the forefront of this accumulation. Details from the on-chain tracking handle showed that a whale reportedly withdrew $4.7 million worth of AAVE and $3.18 million worth of MKR from Binance. Other wallets owned by the same whale sent 1.57 million FET and 2.57 million into a self-custodial wallet around the same period. This suggests a bullish move could be coming for the cryptocurrencies involved. Therefore, investors can infer that narratives around DeFi and AI tokens may continue to dominate the market in the coming months. AAVE At press time, AAVE’s price was $103.50. This price was a result of a 5.57% hike in the last seven days. Coin Editon looked at the AAVE/USD chart via TradingView and found out that the token had bullish potential based on the Exponential Moving Average (EMA). At press time, the 9-day EMA (blue) had crossed over the 20-day EMA (yellow). The interesting part is that this golden cross happened around $99.69. So, the region may serve as support AAVE while the crossover brings a bullish bias for the token. Thus, moving in the $110 direction is an option for AAVE going forward. MKR At press time, the MKR/USD 4-hour chart structure was bullish. However, MKR became overbought on December 24. This was after the Relative Strength Index (RSI) reached 71.72. At press time, the RSI reading was 65.67. However, the reading showed that buying momentum…

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Filed under: News - @ December 25, 2023 11:12 am