AAVE “Monster” Is Awakening, Breakout Coincides With Coinbase Listing

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:12 pm

3 mins read

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As altcoins and even Bitcoin take pause, DeFi standout AAVE is a “monster” that is now reawakening and ready for new highs, according to one analyst.

Moments after the analyst’s public call, Coinbase Pro revealed that the DeFi token would be listed on the popular trading platform. If a pair of low-timeframe patterns confirm and push the asset higher, the coinciding Coinbase news could be the catalyst that sends AAVE soaring into full-blown, price discovery mode.

AAVE And The Two-Headed “Monster”

AAVE is the one token in the cryptocurrency market to beat out even Chainlink in 2020 – the industry superstar for the last three years running.

The DeFi token has been around since the crypto bubble and experienced a bear market and drawdown just like the rest of the market, yet somehow managed to squeeze out over 7,000% ROI in a single year.

Numbers like that are reminiscent of early Bitcoin bull markets, but the “monster” that is AAVE could only just be getting warmed up.

AAVE has an even more limited supply than Bitcoin, but there could be arguably more utility thanks to the token being central to DeFi borrowing and lending.

Whatever the reasons, the token has had a beast of a year and after a short nap, one analyst says this “monster” is awakening and about to claim new highs.

DeFi Token Targets New Highs, Coinbase Pro Listing Catalyst For New Momentum

A two-headed “monster” made up of two inverse head and shoulders patterns could send AAVE to $120 per token. The line on the Relative Strength Index signaling the bearish divergence before each drop also acts as a trend line before each pattern’s breakout.

A two-headed "monster" could advance to all-time highs | Source: AAVEUSDT on TradingView.com

Another breakout could be here, and the already hot token will be getting some assistance from Coinbase Pro. AAVE is among three other coins the exchange is listing, alongside DeFi brethren Bancor and Synthetix.

AAVE is already well above its former all-time high set atop the previous bull market and has even confirmed a bullish retest of the resistance level flipped support.

A "monster" cup and handle pattern has formed in the DeFi project | Source: AAVEUSDT on TradingView.com

Zoomed out, the entire downtrend and bear market culminated in a rounding pattern, creating what appears to be a massive, three-year-long, cup-and-handle continuation pattern.

Along the way up to form the handle, each level of resistance turned support was marked with a successful retest, and the most important retest of all took place at the low set just a few months ago – right at the former peak price.

This “monster” has effectively slain the bear market and turned full bore bullish. If the summer DeFi high has now been – like the asset’s former all-time high before it – flipped into support, price discovery mode is back on for AAVE and as the above analyst claimed, new highs will be in tow.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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