A trending crypto strategist believes that a specific altcoin in the DeFi sector is showing strength against both the US dollar and Bitcoin. The analyst, known as Bluntz, shared his insights with his large following on the social media platform X, highlighting the positive signs he sees on the eight-hour chart for Aave (AAVE), a popular DeFi lending platform.
Bluntz, who follows the Elliott Wave theory, pointed out that AAVE has completed a clear ABC correction on the eight-hour chart, along with five waves within the C wave. Additionally, he mentioned a bullish divergence that is forming, which is often seen as a signal for a potential reversal in price movement. Based on his analysis, Bluntz predicts that AAVE could surge as high as $460 in the near future, representing a significant upside of around 56%.
In terms of AAVE/BTC pairing, Bluntz also identified a similar setup, indicating that AAVE could potentially outperform Bitcoin in the coming days. The analyst highlighted a high time frame eight-hour bullish divergence in this pairing, further supporting his bullish outlook on AAVE’s price movement.
As of the time of writing, AAVE/BTC is trading at 0.003034 BTC, equivalent to $294.71. This price point reflects the current market sentiment towards AAVE and its potential for growth in the future.
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In conclusion, Bluntz’s analysis of Aave (AAVE) suggests a bullish outlook for the altcoin in both USD and BTC pairings. With multiple positive indicators on the charts, AAVE could be poised for a significant price increase in the near future, potentially outperforming other cryptocurrencies in the market. Investors and traders alike should closely monitor these developments and adjust their strategies accordingly to capitalize on potential opportunities in the DeFi space.