cryptonewsz.com
During Tuesday’s market session, the crypto market showcased a neutral stance following sideways from Bitcoin and Ethereum. Most major cryptocurrencies, including $AAVE, have witnessed a slowdown in recovery momentum but retained an uptrend for the next breakout. With a notable spike in onchain activity, the $AAVE price is positioned for a major breakout from multi-year resistance.
According to Coingecko data, the global market cap stands at $3.67 Trillion, while the 24-hour trading volume is at $390 Billion.
Key Highlights:
- A rounding bottom pattern governs the current recovery trend in $AAVE price.
- $AAVE coin rally is 10% away from challenging a 35-month resistance for a major breakout
- The $260 stands as key resistance against crypto buyers.
$AAVE Sees Massive Growth as Whales Bet on Favorable DeFi Policies
In the last two weeks, the $AAVE price witnessed remarkable growth from $151.86 to $235, projecting 55%, while the market cap spiked to $3.5 Billion. The sharp recovery is primarily fueled by trader speculation on potential favorable DeFi conditions under the pro-crypto policies speculated under Trump’s influence.
According to Santiment data, the $AAVE coin recorded 587 whale transactions—the highest since March 2022, $385.9 million in on-chain transaction volume—the largest since October 2021, and 2,346 unique addresses transacting on the network, marking the highest activity since June 2023.
📊 In the past 2 weeks, $AAVE’s market cap has grown by +53% with aid from trader speculation of more advantageous DeFi conditions under Trump’s pro-crypto policies.
Massive daily milestones in the #40 market cap’s on-chain data have appeared in the past 24 hours, including:
🐳… pic.twitter.com/pVyqfqOLr0
— Santiment (@santimentfeed) December 3, 2024
While these sudden spikes could trigger initial volatility for the altcoin, a steady influx of positive onchain reinforcement could drive a sustained long-term rally.
Rounding Bottom Formation Hints Major Trend Reversal
By the presstime, the $AAVE price trades at $237.5 with an intraday gain of 0.88%. The rising price, backed by increasing volume and onchain activity, hints at the potential for a sustained uptrend.
Thus, the altcoin is poised for another 10% surge to challenge the 3-year high resistance of $260. The aforementioned also marks the key neckline resistance of a major reversal pattern called the rounding bottom.
It is characterized by a gradual decline in price followed by a prolonged consolidation period and then a gradual recovery that forms a “U” shape on the price chart.