By Solomon Odunayo
The cryptocurrency market has tried to overcome the bearish flow over the past sessions. Nevertheless, the intense crash triggered fear within the space as even expert holders quit amidst the first signal of loss.
AAVE Price Action
AAVE recovered approximately 39.33% since the market-wide crash before the final hours of May 28 shifted the trends, and the alt lost 13.42% once more. Such a move dragged AAVE beneath $100 for another time in the month.
The alternative token could not overturn the resistance at $112 into support regardless of three attempts, hovering near $96 at this publication.
That consequently catalyzed panic within the marketplace and investors dumped more than 200K AAVE tokens worth about $19 million into exchanges.
Meanwhile, that wasn’t regular traders, as the selling pattern showed the token’s long-term holders contributed by moving holding to avoid further losses.
The May 25 sale was the 3rd case this month, swallowing more than 85 million days. May 11 and May 12 sessions saw Aave long-term holders consuming more than 220 million days within 48 hours.
Nevertheless, AAVE investors revealed an optimistic observation. AAVE retained all its investors regardless of the April and May incidents that had the prices plunging to $94 from $261.
Moreover, this period saw over 2K market players arriving on the platform, nearly two times quicker than the investor addition rate by the blockchain.
That had AAVE exhibiting initial recovery signals despite escalating bearishness within the marketplace. The alternative token seems ready to explore uptrends.
Notably, AAVE recorded its initial green bar early on May 28, following bearish signals since April. Though bullishness is yet to gain strength, it might do so if the altcoin forms more green candlesticks.
Meanwhile, the crypto market saw upticks in the past day as most assets saw substantial gains. While writing this content, the global cryptocurrency market capitalization stood at $1.22 trillion, following a 0.94% surge within the past day.
On the other hand, the overall market volume dropped by 29.68% within the past 24 hours to $51.03 billion.
What are your views about the current cryptocurrency market? You can leave a reply in the comments section below.
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