The post Can AAVE Whales Break the Megaphone Pattern and Push Prices Above $145? appeared on BitcoinEthereumNews.com.

With a bear cycle in the 4-hour chart, AAVE reveals potential drop chances to $115. Will buyers reverse the trend? Amid a bear market, the volatility in the AAVE token price is increasing, and the DeFi token gives sharp moves this week. With a weekly price range of more than 10%, it fluctuates within a broadening wedge.  Will buyers manage a breakout rally as the whale’s buying spree picks up pace? AAVE Bull’s Trapped in a Megaphone  With a market cap of almost $2 billion, the Aave token is trading at $130.07 with a 24-hour jump of 4.35%. However, in the 4-hour chart, the Aave token shows a broadening wedge or a rise megaphone pattern with constant support at $115.  Despite the solid support, the bullish power struggles to surpass an overhead ascending trend line, leading to a stunted higher-high formation. The Aave price action reveals a higher price rejection near the overhead trend line. Thus, this results in an evening star pattern that breaks below the 23.60% Fibonacci level at $129.91.  AAVE Price Chart The crucial EMAs 50 and 200 in the 4-hour chart maintain a slightly bullish trend ready to provide dynamic support. The 200 EMA provides crucial support at $115.  The MACD indicator shows a positive trend in the MACD and signal line, but a downtick warns of a bearish crossover as the negative cycle within the megaphone pattern begins.  Founder Sell-off Meets Whale’s Buying Spree The negative cycle correlates with the Aave founder, Stani Kulechov, selling off $6 million worth of Aave and continuing to hold $32.7 million worth of Aave tokens, which comes to about 243,900 Aave tokens.  However, as the founder loses confidence, the Aave community grows on a buying spree. Two Aave whales have bought up $2.2 million worth of Aave tokens in…

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Filed under: News - @ September 5, 2024 7:22 am