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Cryptocurrencies Price Prediction: AAVE, Bitcoin & Dogecoin – European Wrap 2 February

Cryptocurrencies Price Prediction: AAVE, Bitcoin & Dogecoin – European Wrap 2 February
FXStreet TeamFXStreet TeamFXStreet

AAVE price at risk of correction as exchange supply rises, whales shed AAVE holdings

AAVE price declined in the past week and a further correction is likely, according to on-chain metrics. Two key metrics, the supply of AAVE on exchange wallets and the Network Realized Profit/Loss metric paints a bearish picture for the DeFi token. 

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Bitcoin price recovers as on-chain metrics point at potential BTC rally

Bitcoin (BTC) price tested resistance at $43,000 on Friday, recovering from declines earlier this week, in a sign of increasing buying pressure after a choppy week. Some of the asset’s on-chain metrics support the thesis of further price gains ahead, although Bitcoin price has been moving broadly sideways for the last two months.

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Dogecoin price sees minor gains despite uptick in network demand

Dogecoin (DOGE) price has registered a minor gain of 2% in the last week despite the growth in user activity on its network during the same period. The number of both new addresses and active addresses in transactions involving the meme coin has rallied, but its price continues to endure poor bullish sentiment. 

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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