Should you buy Aave after Monday's 5% surge?

Aave (AAVE/USD) traded up over 5% on Monday, comfortably outperforming Bitcoin (BTC/USD). Aave is an open-source, no-pledged, decentralized lending protocol that allows users to earn interest on deposits and lend digital assets. Aave offers simplified and decentralized access to a wide range of digital assets and interoperability with multiple decentralized finance (DeFi) platforms. Aave was down more than 50% earlier in the month after seeing a sharp sell-off in the broader market. So, it looks like Aave could see a short-term reversal due to panic selling that may have caused Aave to be oversold.

Aave has been one of the worst-performing coins since October after bitcoin selling began. Aave hit a new high of $495 in October and fell to a new low of $130 earlier this week - a 70% drop. Aave still has great fundamentals so it might be worth accumulating Aave right now. However, investors should wait for buyers to return and restore some strength to Aave as it may fall further. Monday's 5% gain could be the start of a short-term rebound, but investors need to be patient and see how strong Aave is right now.

After falling sharply earlier this month, Aave was oversold on the RSI and has since been consolidating in a very tight range.

It looks like a significant move could be seen soon, allowing investors to get in once the USD 161 resistance is cleared.

A bullish RSI divergence is seen, suggesting that a bullish breakout may occur soon.

Investors can set a target of $200 followed by $280 and a stop loss can be set at $130.

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