AAVE, Compound Lead Market Recovery of $36 Billion

Key Insights:

• AAVE rallied by 13.51% to trade at $111 today.
• Compound joined in the broader market trend rising by 9.82%.
• Bitcoin and Ethereum shot up as well to trade at $23k and $1.8k today.

The crypto market was expected to nosedive today after the announcement of Coinbase’s second-quarter revenue.

The cryptocurrency exchange noted the highest losses since its listing in April last year, amounting to $1.1 billion between April and June.

However, following the lead of Bitcoin and Ethereum as they rose to trade at $23,636 and $1,822, the crypto market recovered yesterday’s losses, with altcoins leading the same.

AAVE in an Uptrend

The cryptocurrency could be seen rising at the time of writing, with a 13.51% rally already underway.

As the altcoin traded at $111, AAVE managed to recover all the losses it witnessed during the June crash and was on the way to doing the same with the April to May drawdown of 58.79%.

The price indicators seemed to be in favor of the same at press time, with the Bollinger Bands beginning to diverge.

This highlights that a rise in volatility is underway, and the coin will be able to experience price swings soon. Just as long as the candlesticks maintain their position above the basis of the indicator, AAVE will be in a good spot.

The appearance of a green bar on the Awesome Oscillator is an indication of the same thing, and the bars keeping above the neutral line show that despite the fluctuations, the asset is safe from a downtrend for now.

Compound Follows the Bullish Cues

The altcoin was one of the better performers of the day as it gained almost 10% in the span of 24 hours to trade at $64.45.

While the gradual incline observed over the last two months has enabled COMP to recover the downtrend it witnessed at the time of June’s crash, it is yet to rally enough to recover the losses of May’s 47.33% crash.

COMP is finding support for the same in the market as evinced by the price indicators’ bullish stance.

The presence of Parabolic SAR’s white dots beneath the candlesticks shows that the altcoin has been in an uptrend for almost two weeks now.

Secondly, the MACD is also maintaining its bullish crossover after some fluctuation towards the end of July. The green bars on the indicator are signaling consistent bullishness for the asset, which is necessary at the moment.