• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit

Technicals Anticipate a Correction Ahead of Aave (LEND) After 1,500% Rally

Ali Martinez by Ali Martinez
3 years ago
in Technical analysis
Reading Time: 3 mins read
Advertisement
Advertisement

The Ethereum-based peer-to-peer lending platform Aave has been in the spotlight of the cryptocurrency market after the 1,500% price increase it has enjoyed throughout the year. In July alone, LEND skyrocketed nearly 185% to reach a new yearly high of $0.38.

This price level is just a few cents below its all-time high of $0.394 that was reached by the end of the 2017 ICO mania.   

Aave US dollar price chart

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
Aave Skyrockets 185% Throughout July 2020. (Source: TradingView)

Given the substantial gains that Aave has posted, different metrics anticipate that it is reaching an exhaustion point. An increase in sell orders could push the DeFi token into a corrective period before the uptrend resumes. 

Aave Looks Poised to Pull Back

The Tom Demark (TD) Sequential indicator has proven to be essential in determining Aave’s price action. This technical index has been able to anticipate some of the most significant exhaustion points on LEND’s 3-day chart over the past year.

In late February, for instance, after the DeFi token surged to $0.043, the TD setup presented a sell signal in the form of a green nine candlestick. Following the bearish formation, LEND went through a massive bearish impulse that saw its price plummet by nearly 62%.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The TD Sequential index was also able to accurately estimate that this altcoin was reaching an overbought territory in late April and June. After these sell signals were presented, the peer-to-peer lending token plunged by more than 23% on each occasion.

Aave US dollar price chart

The TD Index Estimates LEND Is Poised to Retrace. (Source: TradingView)

Now, this technical indicator is once again suggesting that Aave is poised to correct. The bearish formation developed as a green nine candlestick, estimating that LEND could fall for a one to four 3-day candlesticks. 

Critical Support Level to Watch Out

In the event of a correction, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that the most significant support level underneath Aave sits between $0.15 and $0.19. Around these price levels, the on-chain metric shows that roughly 109,000 addresses had previously purchased nearly 24 million LEND.

This massive supply barrier may be able to contain this cryptocurrency from a steeper decline. Holders within this range will likely try to remain profitable in their long positions. They may even buy more LEND to avoid prices from falling lower. 

Aave May Find Support Around $0.17 In the Event of a Correction. (Source: IntoTheBlock)

It is worth noting that out of all LEND addresses, more than 97.6% are “In the Money.” Meanwhile, only 0.80% of all addresses are “Out of the Money.” These figures suggest that the investor base behind the DeFi token is confident about upwards price action in the future. If this is the case, it is reasonable to assume that the selling pressure behind it may not last long. 

Featured Image by Depositphotos
Price tags: lendusd, lendbtc
Chart from TradingView.com
Tags: aavealtcoinDeFiethereumlendusd
Tweet123Share205ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Ali Martinez

Ali Martinez

Ali began forex trading in 2012. In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin. Now, he is a content producer for some of the leading media outlets in the cryptocurrency industry.

Related Posts

ripple

Ripple Releases 1 Billion Tokens From Escrow, XRP Declines By 5%

14 hours ago
Bitcoin uptrend

Bitcoin Market Structure Points To New Uptrend, Here’s Why

1 day ago
Ripple XRP

Where Is The XRP Price Heading As Perp Open Interest Doubles?

2 days ago
Stellar (XLM)

XLM Price (Stellar) Rallies $0.11 and Primed For More Upsides

2 days ago
Ethereum

Ethereum Price Holds Strong As Indicators Suggest High Chances of Fresh Rally

2 days ago
Bitcoin

Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact

2 days ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    2 weeks ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • Ripple XRP Price Prediction 2023 – 2025 plus 5 Tokens...

    4 hours ago
  • Ethereum Price Prediction 2023 – Why This New Meme...

    8 hours ago
  • Discover Big Eyes Coin And Optimism As They Continue To...

    11 hours ago
  • Ethereum’s Shanghai Upgrade Goes Live April 12...

    11 hours ago
  • Metacade’s Presale Raises an Astounding $15.4m...

    13 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.