This Altcoin Under Selling Pressure Could 3x: Crypto Analyst

A popular crypto analyst has pointed out a decentralized finance (DeFi) altcoin that has come under heavy selling pressure over the past few weeks and now believes its value could rise.

In a new video update, anonymous server InvestAnswers told 438,000 YouTube subscribers that the management token of DeFi protocol Aave (AAVE) has dropped to levels not seen since January 2021.

“It’s like someone went back in time and we went back about 16 months. It’s about $120 below the 200-day moving average, but when you compare this chart with Polkadot et al., it’s almost similar. So the real issue here – and this is the tricky part – is that it was trading at $240 a few weeks ago. Now at $80.”

Altcoin AAVE is trading at $88.82 at the time of writing. The 60th-ranked crypto-asset by market cap is down about 15.5% compared to last week.

The InvestAnswers host said that Bitcoin (BTC) may recover first, but expects volatility “for the next month.”

Besides, the anonymous analyst summarized why he is still waiting for a rise in Aave with the following words.

“Aave is still the best non-custodial protocol. There are more business-to-business transitions, which means startups [ABD dolar coin] It will help them generate returns from stablecoins like…

The other thing is that AAVE can move fast. I’d say it could go all the way up to $240, which represents a 3-fold increase from here. It has been oversold like the rest of the market, but the market can recover quickly.”

You can check the price movements here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.

source site-7