A prominent crypto strategist believes that a specific altcoin within the decentralized finance (DeFi) sector is showing strength when compared to both the US dollar and Bitcoin (BTC).
Bluntz, a well-known analyst in the crypto space, recently shared his insights with his large following on the X social media platform. According to Bluntz, the DeFi lending platform Aave (AAVE) is displaying several bullish signals on the eight-hour chart.
In his post, Bluntz highlighted that AAVE is currently one of his top picks, pointing out a clear ABC correction on the eight-hour chart, as well as five waves within the C wave. Additionally, he mentioned the presence of a bullish divergence on the eight-hour chart, which he believes is a strong indicator for a potential upward trend.
The analyst, who follows the Elliott Wave theory, suggested that AAVE has completed its ABC retracement and is poised for a significant price increase. He predicted that AAVE could potentially reach $460 in the near future, representing a potential gain of around 56%.
When analyzing the AAVE/BTC pair, Bluntz also noted a similar setup, indicating that AAVE is likely to outperform Bitcoin in the coming days. With a high timeframe eight-hour bullish divergence in play, Bluntz is optimistic about AAVE’s prospects against BTC.
As of the time of writing, the AAVE/BTC pair is trading at 0.003034 BTC, equivalent to $294.71.
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In conclusion, Bluntz’s analysis of Aave (AAVE) suggests a positive outlook for the altcoin in both USD and BTC pairs. With multiple bullish signals and potential for significant growth, AAVE could be a strong contender in the DeFi space in the near future. Keep a close eye on this promising asset as it continues to make waves in the crypto market.