Aave price had a good run in June, but what comes next? Dr. Altcoin shared his thoughts on his YouTube channel, saying that Aave might not go much higher this month. He thinks July will mostly see Aave moving sideways without any big jump.
Dr. Altcoin pointed out that Aave went up by around 11% in June but lost strength at the end of the month. Right now, Aave is trading near $269. He believes this shows the coin is entering a period of consolidation, where it moves up and down within a range but does not break out.
Aave Looks Overvalued, Says Dr. Altcoin
Dr. Altcoin explained his bull market valuation tool, which helps him see if a coin is cheap or expensive. He said Aave is now in an overvalued area, which means it might not go up much more before pulling back. He thinks Aave could drop to around $204 before starting another big move.
He also talked about a W-pattern forming on the charts. This pattern shows that the price could drop, move sideways for some time, and then rise again. But he thinks that for now, July will be a quiet month for Aave.
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Bitcoin Dominance Suggests Altcoins Need More Time
Dr. Altcoin also looked at the Bitcoin dominance chart. This chart shows how much of the crypto market is in Bitcoin compared to other coins. When Bitcoin dominance falls, altcoins like Aave usually rise fast. But he said Bitcoin dominance is still going up, so it’s not yet time for a big altcoin rally.
He reminded viewers that in past bull runs, altcoin seasons began when Bitcoin dominance fell sharply. But at the moment, he thinks we’re still far from that happening.
USDT Dominance Shows Money Is Staying Put
Dr. Altcoin also checked USDT dominance, which shows how much money is sitting in the stablecoin Tether. When USDT dominance goes up, it means people are selling coins and moving into cash. When it goes down, people are buying back into crypto.
He said USDT dominance has been stuck in one range since December 2022. This shows that big investors are not yet moving lots of money into altcoins. Because of this, he expects July to stay flat for Aave and many other coins.
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Dr. Altcoin’s final message is simple: Aave price will probably move sideways in July. He expects some small ups and downs, but no big jump or crash. Until Bitcoin dominance peaks and big money starts flowing into altcoins again, Aave is likely to stay quiet.
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