- Aave hit a five-month high above $143 with a 14% gain.
- Bitcoin has surpassed $61,800, with the price gaining 4% amid renewed crypto resilience.
On August 21, Aave continued to outperform its peers with a sharp rise to its highest level in five months. Meanwhile, Bitcoin price surpassed $61,800 with a 4% increase in 24 hours.
AAVE climbs 14% to 5-month high
Decentralized finance (DeFi) protocol Aave (AAVE) was among the biggest gainers on Wednesday after surging more than 14% to hit highs of $143. Aave’s native utility and governance token reached this level amid massive whale activity over the past few days.
There was also positive news for Aave after DeFi project Aave V3 deployed on ZKsync Era Mainnet.
Aave V3 Debuts on Era Mainnet, Powered by @zksyncunlocking unprecedented scalability, privacy, and security while expanding the DeFi user base and new institutional use cases. pic.twitter.com/blNlUjsalX
– Aave Labs (@aave) August 21, 2024
AAVE Price Forecast
By surpassing $143, Aave’s price reached its highest level since March 2024. This is the period during which Bitcoin took advantage of the halving mania and Spot BTC exchange-traded funds to reach its all-time high.
AAVE’s surge to current levels means that the altcoin could see further gains in the $177-$200 price zone. However, the AAVE price rally has also seen a sell signal appear on the daily chart.
Ali Martinez, Cryptocurrency Analyst common this price outlook for AAVE earlier today.
The last four times the TD Sequential has issued a sell signal on the #GHOST daily chart, it was followed by an average correction of 27%. The same sell signal is now appearing, suggesting a potential decline for $Ghost. pic.twitter.com/12yZwLT5tp
— Ali (@ali_charts) August 21, 2024
Bitcoin bulls eye break above $60,000
As bitcoin struggles to regain momentum since its sharp drop in early August, bulls have not been deterred. Buyers have shown great determination in their quest for a rebound above $60,000.
Over the past 24 hours, the benchmark cryptocurrency has climbed above this crucial level and currently looks set to extend this slight advantage.
BTC hit an intraday high above $61,838 on major cryptocurrency exchange Bitstamp.
Bitcoin Chart
The gains allowed the BTC/USD pair to touch the 50-day simple moving average, accentuating the formation of an ascending triangle pattern. Among technical analysts, the ascending triangle is considered a bullish chart pattern where the resistance level follows a horizontal line.
Meanwhile, the swing lows follow an upward trendline that forms a narrowing triangle as price appears to resolve higher.
Bitcoin’s daily chart suggests that this has been the case for BTC since the drop to $49,577 on August 5. Notably, the 50-day moving average is currently acting as a robust hurdle. If the bulls break through a decisively, the price could target the key supply wall around…
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