Cryptocurrencies Price Prediction: Stellar, Aave & Near Protocal – Asian Wrap 3 March

Stellar Price Forecast: XLM risks deeper losses as derivatives metrics turn negative

Stellar (XLM) is trading red below $0.16 at the time of writing on Tuesday, after a slight recovery the previous day. Weakening derivatives data caps the recovery, while an unfavorable technical outlook projects a deeper correction for the XLM token in the upcoming days. Stellar’s derivatives metrics support a bearish bias. CoinGlass funding rate metric flipped to a negative rate on Monday and stands at -0.021% on Tuesday, nearing levels seen during the mid-February market dip. These negative rates indicate shorts are paying longs, suggesting bearish sentiment toward XLM.

Aave Price Forecast: AAVE tests channel resistance as ParaFi Capital deposit, bearish derivatives data caps upside

Aave (AAVE) trades around $120 on Tuesday, testing the channel resistance, signaling that sellers remain active in the zone. Lookonchain data shows that ParaFi Capital transferred 42,000 AAVE tokens to Coinbase Prime over the past 10 hours, often interpreted as a potential selling signal. Meanwhile, the derivatives metrics underscore the cautious tone with funding rates negative and short bets rising among traders. On-chain tracker Lookonchain reported that Aave investor ParaFi Capital transferred 42,000 AAVE tokens, worth $5.27 million, to Coinbase Prime over the past 10 hours.

Top Crypto Gainers: Near Protocol, Virtuals Protocol, and Morpho lead market recovery

Near Protocol (NEAR), Virtuals Protocol (VIRTUAL), and Morpho (MORPHO) are leading the market recovery with double-digit gains over the last 24 hours. Technically, NEAR extends the breakout of the falling channel pattern, VIRTUAL holds above the 50-day EMA, while MORPHO tests a crucial resistance. The broader market recovery aligns with Bitcoin (BTC) staging a more than 4% rise over the last 24 hours, trading above $69,000 amid ongoing US-Israel attacks on Iran.