$18.9M AAVE Sold in Three Days, Signs of Recovery While Markets Doom

While the market is getting worse and worse, $18.9 million AAVE sold in three days. Is the price going against expectations?

Can AAVE succeed?

AAVE has recovered 38.33% since the crash, but in the past 72 hours of May 28, the trend has reversed, and the altcoin is down 13.42% again.

This pushed AAVE below the $100 mark for the second time in a month. Trading at $94, this altcoin failed for the third time this month, turning resistance at $112 into support.

As a result, this caused a market-wide panic, and investors dumped more than 200k AAVE worth nearly $19 million back on the exchange.

And, these are no ordinary traders, either, as the sell pattern shows a significant contribution from loyal, long-term holders, who moved their shares to hedge a flood of other losses.

Consuming more than 85 million days, the sale on May 25 is the third incident this month alone, as, on May 11 and 12, AAVE LTH holders consumed more than 220 million days in 48 hours.

However, the positive thing to be observed is the presence of investors on the network, as none of investors exited the market despite the events in April and May that depressed prices from $261 to $94.

In fact, during this period, AAVE recorded the arrival of more than 2 thousand investors on the network, which is almost twice as fast as the current rate of adding investors.

Even as market conditions deteriorate further, this altcoin is showing the first signs of recovery, provided it can resolve the issue.

Notably, After recording bearish signals since the beginning of April, it registered its first bullish green bar on the previous chart on May 28.

Although the uptrend has yet to gain strength, it is on the upswing if it can sustain a few more green candles.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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