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aave defi hydra

AAVE “Monster” Is Awakening, Breakout Coincides With Coinbase Listing

Tony Spilotro by Tony Spilotro
2 years ago
in Aave
Reading Time: 3 mins read
Advertisement

As altcoins and even Bitcoin take pause, DeFi standout AAVE is a “monster” that is now reawakening and ready for new highs, according to one analyst.

Moments after the analyst’s public call, Coinbase Pro revealed that the DeFi token would be listed on the popular trading platform. If a pair of low-timeframe patterns confirm and push the asset higher, the coinciding Coinbase news could be the catalyst that sends AAVE soaring into full-blown, price discovery mode.

AAVE And The Two-Headed “Monster”

AAVE is the one token in the cryptocurrency market to beat out even Chainlink in 2020 – the industry superstar for the last three years running.

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The DeFi token has been around since the crypto bubble and experienced a bear market and drawdown just like the rest of the market, yet somehow managed to squeeze out over 7,000% ROI in a single year.

Numbers like that are reminiscent of early Bitcoin bull markets, but the “monster” that is AAVE could only just be getting warmed up.

AAVE has an even more limited supply than Bitcoin, but there could be arguably more utility thanks to the token being central to DeFi borrowing and lending.

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Whatever the reasons, the token has had a beast of a year and after a short nap, one analyst says this “monster” is awakening and about to claim new highs.

DeFi Token Targets New Highs, Coinbase Pro Listing Catalyst For New Momentum

A two-headed “monster” made up of two inverse head and shoulders patterns could send AAVE to $120 per token. The line on the Relative Strength Index signaling the bearish divergence before each drop also acts as a trend line before each pattern’s breakout.

aave defi low timeframe head and shoulders

A two-headed "monster" could advance to all-time highs | Source: AAVEUSDT on TradingView.com

Another breakout could be here, and the already hot token will be getting some assistance from Coinbase Pro.  AAVE is among three other coins the exchange is listing, alongside DeFi brethren Bancor and Synthetix.

AAVE is already well above its former all-time high set atop the previous bull market and has even confirmed a bullish retest of the resistance level flipped support.

aave defi high timeframe cup and handle

A "monster" cup and handle pattern has formed in the DeFi project | Source: AAVEUSDT on TradingView.com

Zoomed out, the entire downtrend and bear market culminated in a rounding pattern, creating what appears to be a massive, three-year-long, cup-and-handle continuation pattern.

Along the way up to form the handle, each level of resistance turned support was marked with a successful retest, and the most important retest of all took place at the low set just a few months ago – right at the former peak price.

This “monster” has effectively slain the bear market and turned full bore bullish. If the summer DeFi high has now been – like the asset’s former all-time high before it – flipped into support, price discovery mode is back on for AAVE and as the above analyst claimed, new highs will be in tow.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: aaveAAVEBTCAAVEUSDaaveusdtcryptoDeFi
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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