With AAVE sinking further and further, is recovery still an option anymore

The beginning of June did bring a ray of hope with the cryptocurrency market recovering from the bloodshed of May. However, as we enter the third week of June, the scenario of the market doesn't look at its best.

Timeline of Aave

Decentralized exchanges (DEX) are non-custodial exchanges that allow users to buy, sell, swap, trade, and stake crypto tokens. They do not hold any funds and users are free to move within the protocol as they wish.

According to the data of WhaleStats, a blockchain tracking service the top 100 Ethereum whales have their eye on WOO. Which is the utility token that powers WOO Network, and a decentralized exchange (DEX) that aims to provide deep liquidity and super-efficient order execution. Thus, Ethereum's richest bagholders are now loading up with WOO, and …

Aave price analysis is bearish today as the market looks to retest support at $103.08. The market is currently facing resistance at $107.29, preventing it from breaking out to the upside.

DeFi assets traded with fairly high unison, as a calmer environment coupled with a lack of catalyst events among the top assets graced the sector this week. However, one platform indeed stood out amongst the rest… Built different, maybe?

The Aave price analysis shows that the AAVE/USD pair is currently in an uptrend and is trading above the $102.81 mark. The bulls are presently in command of the market, attempting to increase the value.

The recent $40 million dollar bid for Twitter Inc. (NYSE: TWTR) from Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk highlighted the need for an open-source social media protocol for some.  Transparency is one of the fundamental principles of public blockchains and something that many early backers of Bitcoin (CRYPTO: BTC) have been attempting to bring to the internet-scale for more than a decade.

The crypto market has been trying hard to recover from the bearish blow. But, the drawdown has created such fear among investors that even experienced crypto holders are escaping at the first sign of loss.

Aave price analysis shows that the bulls have regained control of the market and are pushing the price towards the $95.04 resistance level. The price is facing some resistance at this level, but if the bulls can overcome this, then a move to $100 is possible in the near term.

Aave price analysis shows that the bulls have regained control of the market and are pushing the price towards the $107.60 resistance level. The price is facing some resistance at this level, but if the bulls can overcome this, then a move to $114 is possible in the near term.

Aave total value locked (TVL) sunk to new high lows in the last week of May following negative crypto market sentiment.  The post Aave Plunges $5 Billion in Total Value Locked (TVL) appeared first on BeInCrypto.