Aave (AAVE) a leading decentralized finance (DeFi) protocol, has experienced significant profit booking. AAVE crypto price retraced more than 15% this week.
AAVE has found it difficult to cross the $150 mark in the past few weeks and has made a double-top formation. Forming a three black crows pattern, the token has seen a three-day bearish streak and underlined the selling pressure.
Still, the token traded above the key moving averages and looked bullish. Facing significant challenges and increased liquidations, the token was seeking a retracement.
However, AAVE was in a short-term accumulation phase, driving a massive bullish surge in the last two months. Despite the market turbulence, it continued to spread the gains inside a rising channel and witnessed outperformance.
Meanwhile, the $150 mark is the most crucial resistance mark, which bulls failed to flip. Until the barrier is breached, the token may consolidate near the upper Bollinger band.
Looking ahead, the tok
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