Aave spikes to 5-month high as Bitcoin tests area near $62k

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  • Aave reached a five month high above $143 with a 14% spike.
  • Bitcoin broke to above $61,800, with price gaining 4% amid fresh crypto resilience.

Aave continued to outperform peers on August 21 with a sharp ascend to its highest level in five months. Meanwhile, Bitcoin price broke above $61,800 with a 4% surge in 24 hours.

AAVE spikes 14% to hit 5-month high

Decentralised finance (DeFi) protocol Aave (AAVE) was among the top gainers on Wednesday after surging more than 14% to hit highs of $143. Aaveā€™s native utility and governance token reached the level amid huge whale activity in the past few days.

There was also positive news for Aave after the DeFi projectā€™s Aave V3 deployed on ZKsync Era Mainnet.

AAVE price forecast

Rising to above $143, Aaveā€™s price moved to its highest level since March 2024. This is the period when Bitcoin rode the halving mania and spot BTC exchange-traded funds to reach its all-time high.

AAVEā€™s push to current levels means the altcoin could eye fresh gains to the $177-$200 price area. However, the spike in AAVE price has also seen a sell signal flash on the daily chart.

Crypto analyst Ali Martinez shared this price outlook for AAVE earlier in the day.

Bitcoin bulls target breakout above $60k

While Bitcoin has struggled for momentum since the brutal sell-off in early August, bulls have remained largely undeterred. Buyers have shown great resolve in their quest to rally above the $60k.

In the past 24 hours, the benchmark crypto has climbed to above this crucial level and currently looks set to extend the slight advantage.

BTC has reached an intraday high above $61,838 on top crypto exchange Bitstamp.

BTC chart

The gains have the BTC/USD pair touch the 50-day simple moving average, accentuating the formation of an ascending triangle pattern. In technical analysts, the ascending triangle is seen as a bullish chart pattern where the resistance level follows a horizontal line.

Meanwhile, swing lows follow a rising trendline that forms a narrowing triangle as price looks to resolve on the upside.

BTC/USD daily chart. Source: TradingView

Bitcoinā€™s daily chart suggests this is the case for BTC since the dip to lows of $49,577 on August 5. Notably, the 50-day SMA currently acts as a robust hurdle. If bulls decisively break higher, price could target the key supply wall around $68,255.

However, should weakness resurface, the primary support area could be around $58,266 and then $55,800.


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