Fresh Accumulation for AAVE, MKR, IMX, and FET: What’s Brewing?

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.

AAVE/USD 4-Hour Chart (Source: TradingView)

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 had returned. So, there is a chance for MKR to rise as high as $1,450. This thesis was also confirmed by the Moving Average Convergence Divergence (MACD). The MACD was 2.13, suggesting a bullish momentum in favor of the cryptocurrency.

MKR/USD 4-Hour Chart (Source: TradingView)

IMX

IMX has been one of the best-performing assets of this cycle. According to CoinMarketCap, IMX’s value has increased by 447.60% in the last 364 days. Despite the increase, it does not seem like the cryptocurrency is slowing down anytime soon.

This was evident in the On Balance Volume (OBV). At the time of writing, the OBV had surged to 15.46 million, indicating an increase in buying pressure. Like the OBV, the Money Flow Index (MFI) reading also increased.

IMX/USD 4-Hour Chart (Source: TradingView)

This increase could be confirmation of a potential upturned for IMX. It is likely for IMX to rise above the 4x it has done in the last year.

FET

The growing narrative around AI tokens has made FET a cryptocurrency to watch. However, the technical outlook of FET seemed a little different from the others discussed above. This was shown by the Chaikin Money Flow (CMF).

At press time, the CMF was down to -0.02. The negative CMF indicates possible distribution, suggesting a drawdown for the FET.

FET/USD 4-Hour Chart (Source: TradingView)

This potential was also confirmed by the Accumulation/Distribution (A/D) indicator which had flatlined and was also negative. Therefore, FET may drop from $0.71 before it attempts to move in the $ 1 direction.