AAVE is down 4% in the last 24 hours and is now trading at $171 per coin.
The bearish performance comes despite the launch of the Aave App on the App Store.
Aave launches the Aave App on App Store
Aave, the largest decentralized crypto lending platform, announced on Monday that it is launching its Aave App on Apple’s App Store. The team revealed that the app will allow users to earn up to 6.5% annualized yield, higher than money market funds, leveraging Aave’s infrastructure lending protocol.
Users can also deposit funds from bank accounts, debit cards, or stablecoins. The new app also offers “balance protection” on deposits up to $1 million.
However, this announcement didn’t stop AAVE from being affected by the bearish trend of the broader crypto market. AAVE has lost 4% of its value in the last 24 hours and risks declining further as the market selloff continues.
AAVE could retest the $150 psychological level
The AAVE/USD 4-hour chart is bearish and inefficient as the coin has lost 21% of its value in the last seven days. The technical indicators are also bearish, with the RSI of 38 indicating that AAVE could enter the oversold region if the selloff continues.
The MACD lines are still within the negative territory, suggesting that traders could reduce their risk in the market. If the bearish trend continues, AAVE could retest the $150 support level in the coming hours or days. An extended bearish trend could see AAVE drop below the October 10 low of $133.
However, if the market recovers, AAVE could rally towards the first major resistance level at $183. Overcoming the $200 psychological level would allow AAVE to target the recent $236 monthly high.
BTC slipped below $90k a few hours ago but has rebounded and is now trading above $91k.
The leading cryptocurrency could dip towards $85k if the selloff continues.
The cryptocurrency market has continued its bearish performance in November as Bitcoin lost 5% of its value in the last 24 hours and temporarily dropped below the $90k level. It has recovered slightly and is now trading above $91k per coin.
Institutional demand and bearish order flow see BTC underperform
The bearish performance comes as institutional demand continues to decline. US-listed spot Bitcoin Exchange Traded Funds (ETFs) recorded $254.54 million in outflows on Monday, extending the persistent wave of withdrawals.
According to SoSoValue, over $1.1 billion was withdrawn from U.S. spot Bitcoin ETFs over the last seven days. If the outflows continue and intensify, Bitcoin’s price could record further losses in the near term.
In addition to that, on-chain data for Bitcoin suggests that BTC is yet to find the bottom and could record further losses in the near term. Recent data shows that the Average BTC Deposit Volume has surpassed 0.9 on Tuesday, signaling rising selling pressure.
Historically, when average deposit volume on Binance increases, Bitcoin faces heavy selling pressure. Furthermore, the Binance Exchange Reserves have exceeded 580,000 BTC. This is a sign of growing sell pressure, with demand currently weak in the market.
BTC could retest the $85k support level
The BTC/USD 4-H chart is bearish and inefficient as Bitcoin has extremely underperformed over the past few days. The coin faced rejection at the 38.20% Fibonacci retracement level at $106,453 since last Monday and has declined by more than 10% since then.
If the bearish correction continues, Bitcoin could decline towards the next psychological support level at $85k. The Relative Strength Index (RSI) on the 4-hour chart is at 34, reinforcing the strong bearish momentum. The MACD indicator also signals that BTC remains in deeply oversold conditions.
However, if BTC recovers, it could extend the recovery toward the resistance level at $94,253.
XRP is down 11% in the last seven days and risks dropping below $2.0 soon.
The bearish performance comes despite the recent launch of the spot XRP ETF.
XRP continues to underperform
XRP, the native coin of the Ripple ecosystem, faced intense selling pressure at key support levels in recent days, as the broader crypto market continues to underperform.
The coin has lost 11% of its value over the last seven days. The decline comes amid a backdrop of mixed institutional signals and heightened macro uncertainty. The crypto market remains trapped in a medium-term downtrend, with sentiment currently in the fear zone amid growing volatility for Bitcoin and others.
XRP’s price failed to react despite Canary Capital’s newly launched U.S. spot XRP ETF (XRPC) registering $58.6 million in first-day volume, surpassing the $17 million analysts had predicted.
Despite the strong start by the ETF, derivatives markets flashed stress signals, with XRP losing the $2.5 key support level. The bearish performance resulted in $28 million worth of XRP long positions being liquidated in the market over the last 48 hours.
XRP could dip below $2.0 if the current support level fails
The XRP/USD daily chart is bullish and efficient despite XRP’s poor performance in recent weeks. The coin’s price faced rejection from the 50-day EMA at $2.49 last week and has lost 11% of its value since then. It is now trading above $2.27 per coin.
If the recovery efforts intensify, XRP could rally towards the next major resistance level and 50-day EMA at $2.55. The RSI on the daily chart is 42, near its neutral level of 50, suggesting fading bearish momentum. The RSI will need to move above the neutral 50 for XRP to record a sustainable recovery. The MACD lines also remain within the bearish region, indicating that the sellers have not given up control of the market.
However, if XRP continues its bearish correction, it could drop below the $2.0 psychological level and retest the next daily support at $1.96.
ETH is down 1% in the last 24 hours and is now trading below $3,200.
The coin could rally above $3,500 if the daily candle closes above $3,100.
ETH approaches $3,200 as market takes a breather
The cryptocurrency market has been extremely bearish since the start of the month, with Bitcoin losing a key psychological level. Bitcoin dumped to a six-month low of $93k on Sunday, with altcoins also recording massive losses.
Ether, the second-largest cryptocurrency by market cap, is trading below $3,200 after retesting the $3k support level during the weekend. The coin has lost 11% of its value in the last seven days, signifying the third consecutive week of losses for the second-largest cryptocurrency by market cap.
Ether’s poor performance aligns with the broader crypto market, with liquidity tightening measures by the Federal Reserve affecting risk-based assets. However, analysts are confident that the crypto market will turn things around in the near term.
Derek Lim, research lead at Caladan, told The Block that,
In my opinion, the primary market driver remains liquidity. Liquidity is (and will be) temporarily tight as the U.S. government shutdown has kept the treasury general account elevated.
Ether’s performance over the next few days will likely depend on whether it continues to defend the $3k psychological and support level.
Ethereum could recover if the $3k support level holds
The ETH/USD daily chart is bearish and efficient as Ether has underperformed over the last seven days. The coin faced rejection at the previous broken trendline around $3,592 last week and has lost 12% of its value since then. At press time, ETH is trading at $3,192 per coin.
If the support level at $3,017 holds, Ether could continue its recovery and rally towards the key resistance level at $3,592. Similar to Bitcoin, Ether’s RSI is rebounding from oversold territory, indicating a fading bearish momentum.
On the flip side, if Ether’s daily candle closes below $3,017, it could record further bearish performance and decline toward the next key support at $2,749.
The POPCAT manipulation caused the Hyperliquid HLP to absorb $5M in losses.
Hyperliquid’s token price currently trades below key EMAs amid bearish momentum.
HYPE’s retail demand has dropped, and futures Open Interest has fallen to $1.56B.
Hyperliquid price has come under intense pressure following a sophisticated POPCAT attack that left the decentralised derivatives platform reeling from multi-million-dollar losses.
The POPCAT hack, which targeted Hyperliquid’s liquidity provider system, exposed vulnerabilities in Hyperliquid’s risk management while raising concerns about retail demand and overall market sentiment for HYPE tokens.
POPCAT attack led to a $5M HLP loss
The POPCAT attack unfolded on November 12, when a trader executed a series of manipulative trades across the POPCAT token market, using multiple wallets to create an artificial buy wall.
According to on-chain analysts, the trader deployed roughly $3 million in USDC from the OKX exchange, distributing it across 19 separate addresses.
These wallets then opened nearly $30 million in leveraged long positions, inflating the price of POPCAT to over $0.21.
Once the buy wall was removed, the POPCAT price plunged sharply, causing mass liquidations.
Hyperliquid’s market-making system, Hyperliquid Provider (HLP), was forced to absorb the resulting positions due to thin liquidity in the market.
In total, HLP incurred losses of approximately $4.9–$5 million.
The remaining long positions were passed to the Hyperliquidity Provider (HLP) to liquidate.
During the crash, the price of POPCAT fell from $0.21 to $0.13, leaving Hyperliquid to manually close positions to prevent further financial damage.
The attack highlighted how coordinated movements of large capital through multiple wallets can destabilise decentralised platforms.
Looking at how the attack unfolded, there are connections to prior manipulative behaviour observed on tokens such as TST, ZEREBRO, JELLYJELLY, and HIFI, although Hyperliquid emphasised that deposits and withdrawals were ultimately restored and normal trading resumed.
Implications for Hyperliquid and DeFi markets
Notably, the POPCAT attack underscores ongoing risks for decentralised exchanges that handle leveraged tokens.
While HLP successfully absorbed the losses and protected liquidity providers, the event demonstrates how thin liquidity and concentrated positions can amplify the effects of market manipulation.
Some commentators on Crypto Twitter have suggested that such attacks may not always be profit-driven, but rather aimed at undermining the reputation of decentralised platforms.
On-chain forensic analyses have scrutinised links between wallets used in the manipulation and entities such as BTX Capital, though allegations remain unproven.
Hyperliquid’s response, including a temporary pause on its Arbitrum bridge, helped mitigate further destabilisation.
However, the incident is likely to weigh on investor sentiment, especially as retail demand for HYPE has remained low following a significant reduction in futures Open Interest over the past month.
Futures Open Interest for HYPE has also contracted from $2.08 billion at the end of October to $1.56 billion, signalling declining risk appetite among traders.
HYPE price reaction to the attack
Despite the loss, Hyperliquid’s HYPE token showed relative resilience in the immediate aftermath.
HYPE price rose modestly from $37.77 to $39.39 following the resolution of the attack, indicating that broader retail confidence in the token remained intact.
However, the token has since pulled back to around $38.09 at press time, hinting at a cautious long-term outlook.
Technical indicators paint a bearish picture, with HYPE trading below its 200-day Exponential Moving Average (EMA) just below $39 and failing to surpass the 50 and 100-day EMAs around $43.
Momentum indicators, including the MACD and RSI, suggest persistent selling pressure, and analysts warn that a decisive break below the $35 support level could accelerate a decline toward the $30 mark.
