The Binance hack brought selling pressure to AAVE: the token was sold off, while Aave froze the market, temporarily locking related trading activity on the protocol.
The unauthorized withdrawals totaled 167,464 ETH.
As the market digests the shock, an AMBCrypto analysis identified $113 as a support level for AAVE—a price at which, according to the analysis, buying pressure could emerge to support the price—and advised traders to watch that level.
The shock has spread to the protocol as well. I’ll be watching developments around the level cited by AMBCrypto and Aave’s next move after freezing the market; there isn’t yet enough evidence to conclude what will happen next.
$AAVE $ETH #Aave
The unauthorized withdrawals totaled 167,464 ETH.
As the market digests the shock, an AMBCrypto analysis identified $113 as a support level for AAVE—a price at which, according to the analysis, buying pressure could emerge to support the price—and advised traders to watch that level.
The shock has spread to the protocol as well. I’ll be watching developments around the level cited by AMBCrypto and Aave’s next move after freezing the market; there isn’t yet enough evidence to conclude what will happen next.
$AAVE $ETH #Aave