Decentralized Finance

DeFi Tokens AAVE and SUSHI Are Ready To Take Off

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In the decentralised finance (DeFi) arena, a well-known crypto trader known as Smart Contractor is anticipating massive rallies for two altcoins. 

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Aave, a decentralised lending and borrowing system, is one of the cryptocurrencies that might potentially soar in the next months, according to the pseudonymous trader’s 158,500 Twitter followers.

Aave linked with Ethereum (AAVE/ETH) is an indicator for what the asset could accomplish in its USD pair, according to Smart Contracter. 

Looking at the USD pair, he claims that if AAVE/ETH rips 50% off of this massive bull flag on a daily basis, the USD pair is likely already in an extended wave 3 on way to all-time highs.

DeFi Tokens

The trader uses Elliott Wave theory, a technical analysis approach that seeks to anticipate price action by observing crowd behaviour in waves. By November, Aave would have completed its five-wave advance to a new all-time high of nearly $700, according to the trader’s chart. 

According to CoinGecko, AAVE is now trading at $411 at the time of writing.

SushiSwap, an automated market maker, is also on the trader’s radar (SUSHI). SUSHI has been changing its technical resistances into supports, according to Smart Contracter, and could finally break free of the pattern to reach new heights.

“Sushi has been making clean SR [support-to-resistance] flips the whole way up, but I suspect there will come a point sometime soon where it breaks away and starts a proper mark-up and SR flips become a thing of the past.”

SushiSwap

SushiSwap’s (SUSHI/BTC) pairing with Bitcoin is another something the crypto trader is keeping an eye on. SUSHI/BTC is expected to challenge its 2021 high of roughly 0.000522, worth $24.71 at the time of writing, according to Smart Contracter.

SushiSwap

SUSHI/BTC is in the midst of a wave-three rise, according to the trader’s chart, which is the longest surge in the Elliott Wave theory’s five-wave uptrend.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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