• Aave rose 14% to above $143, its highest stage in 5 months.
• Bitcoin surpassed $61,800, with a 4% rise in value because the cryptocurrency sees a renewed restoration.

Aave continued to outperform different cryptocurrencies on August 21, surging to a five-month excessive, whereas the value of Bitcoin rose 4% in 24 hours to surpass $61,800.

AAVE rises 14% to 5-month excessive

Decentralized finance (DeFi) protocol Aave (AAVE) was one of many greatest gainers on Wednesday, surging greater than 14% to a excessive of $143. Aave's native utility and governance token hit this stage amid huge whale exercise over the previous few days.

There was additionally excellent news for Aave after the DeFi challenge Aave V3 was deployed to the ZKsync Period Mainnet.

Aave V3 will debut on the Period mainnet. Translatorincreasing the DeFi person base and new institutional use instances whereas attaining unprecedented scalability, privateness, and safety. pic.twitter.com/blNlUjsalX

— Aave Labs (@aave) August 21, 2024

AAVE Worth Prediction

Aave value has risen above $143, hitting its highest since March 2024, when Bitcoin was using the halving mania and the spot BTC exchange-traded fund hit an all-time excessive.

AAVE’s rise to present ranges signifies that the altcoin may very well be on the point of a contemporary rise in the direction of the $177-$200 value vary. Nevertheless, the sudden enhance in AAVE value has additionally proven a promote sign on the every day chart.

Crypto analyst Ari Martinez shared his value outlook for AAVE earlier within the day.

The final 4 instances TD Sequential issued a promote sign #AAVE On the every day chart, the correction was a median of 27%. The identical promote sign is now rising, signaling a doable pullback. $AAVE. pic.twitter.com/12yZwLT5tp

— Ali (@ali_charts) August 21, 2024

Bitcoin Bulls Goal for a Break Above $60,000

Bitcoin has misplaced momentum for the reason that intense sell-off in early August, however bulls stay largely undeterred, with consumers displaying robust willpower to push the value above $60,000.

Over the previous 24 hours, the benchmark cryptocurrency has risen above this key stage and now seems to be extending its slight benefit.

BTC hit an intraday excessive of over $61,838 on main cryptocurrency change Bitstamp.

BTC Chart

The rise noticed the BTC/USD pair contact the 50-day easy shifting common, highlighting the formation of an ascending triangle sample. An ascending triangle is considered by technical analysts as a bullish chart sample the place the resistance stage follows a horizontal line.

In the meantime, the swing low varieties a triangle alongside the ascending development line that narrows as the value turns upwards.

Bitcoin's every day chart suggests this has been the case for BTC for the reason that drop to a low of $49,577 on August 5. Notably, the 50-day SMA is at the moment performing as a powerful hurdle. If bulls determine to rise decisively, the value may goal a key provide wall round $68,255.

Nevertheless, if weak point re-emerges, the important thing assist areas may very well be close to $58,266 after which $55,800.