AAVE has been printing a smallish bull flag as of late and is breaking out currently with a daily dragonfly doji candle close. These two facets are pretty bullish when all things considered knowing that ETH has London HardFork coming up on Aug 4th and now we know Elon Musk personally owns Ethereum in addition to Bitcoin and a much smaller DOGE position.
We could be in the midst of a 3rd wave up from an Elliot Wave perspective on a minor count - 3rd waves are typically the strongest impulse wave. If this is the case look for a price target near $486 the 1.618 Fib extension.
Thematically, I am more bullish on DeFi than almost anything else as an industry atm as this is really the institutional first big foray outside of BTC. AAVE also doesn't have the drawbacks associated with regulatory concern such as synthetic minting of assets like other projects such as LUNA (a project I like but needs more clarity from regulators before I'm more bullish on it).
AAVE should be priced on par with COMP but is at a discount and will likely trade at par in the not so distant future. Look for this to have some decent upside in the coming days.
We could be in the midst of a 3rd wave up from an Elliot Wave perspective on a minor count - 3rd waves are typically the strongest impulse wave. If this is the case look for a price target near $486 the 1.618 Fib extension.
Thematically, I am more bullish on DeFi than almost anything else as an industry atm as this is really the institutional first big foray outside of BTC. AAVE also doesn't have the drawbacks associated with regulatory concern such as synthetic minting of assets like other projects such as LUNA (a project I like but needs more clarity from regulators before I'm more bullish on it).
AAVE should be priced on par with COMP but is at a discount and will likely trade at par in the not so distant future. Look for this to have some decent upside in the coming days.