AAVE Crashes 18% Due to KelpDAO Exploit
- Market Panic Intensifies: The KelpDAO exploit has created bad debt on the Aave protocol, causing AAVE to plummet over 18% today from above $110 to around $91.80, reflecting severe market concerns regarding the risk management capabilities of DeFi protocols.
- Whale Dumping Surge: Three whales sold nearly 60,000 AAVE at similar price levels, totaling over $6 million, with two whales offloading 20,015 and 20,000 AAVE at an average price of $103, and another selling 19,666 AAVE at $99, indicating heightened uncertainty in the market.
- Technical Indicators Deteriorate: According to CoinAnk data, AAVE is currently trading at $91.84, down 20.15%, with all major moving averages indicating a bearish trend, further confirming the downward pressure on the market.
- Significant Capital Outflow: Contract net flow is negative across all timeframes, with a 24-hour outflow of $18.70 million, indicating strong selling pressure on AAVE and a shift in investor sentiment towards caution, recommending a short strategy in the near term.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for AAVE
Technical Sentiment Analysis for Aave (AAVE). As of , Aave (AAVE) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AAVE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AAVE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Aave (AAVE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 79.841 | 85.441 | 89.741 | 95.341 | 99.641 | 105.241 | 109.541 |
| Fibonacci | 85.441 | 89.222 | 91.559 | 95.341 | 99.122 | 101.459 | 105.241 |
About AAVE
About the author
