Crypto analyst Ali Martinez forecasts a potential price correction for AAVE to $270, followed by a bullish trend towards $560.
Analyst Prediction for AAVE
Analyst Ali Martinez believes AAVE might temporarily drop to $270. His prediction is based on Fibonacci retracement levels, pinpointing the 0.5 zone as a potential "reload zone."
> “$AAVE could pull back to $270 before making a move toward $560. Watch this potential reload zone closely!” — Ali (@ali_charts).
Massive ETH Withdrawals Linked to Justin Sun
Recently, Aave recorded $1.7 billion in Ethereum outflows, sparking speculation within the DeFi community. Aave contributor Marc Zeller attributed much of the activity to crypto entrepreneur Justin Sun. Data from Arkham shows wallets associated with Sun moved over $646 million in ETH.
> “Whales have pulled a whopping $1.7 billion worth of ETH from Aave over the past week,” said Marc Zeller in DLNews. “He’s moving billions like I go grocery shopping.”
Technical Analysis of AAVE Below $300
As of July 24, AAVE trades at $288.65, down 0.60% in 24 hours. The token has entered a corrective phase after reaching a local high of $338.77 and is currently testing a crucial support at $283.40. A breakdown below this level could send the token to its next support at $213.25.
The Relative Strength Index (RSI) has dropped to 45.40, indicating reduced buying pressure. Volume has slightly declined, reflecting cautious sentiment among traders. Falling below the $300 level could open the way for a move back to $338.77.
In light of the current market activity surrounding AAVE, analysts predict a correction with subsequent bullish potential. Monitoring support levels and significant ETH withdrawals could be key to understanding the token's future.
