• 22 June, 2024
Market News

Aave Price Hikes by Over 23% as Whales Accumulation Continues to Fuel the Growth

According to the Santiment market tracker, Aave price has been surging, primarily because of the increasing accumulation of whale addresses. The altcoin reportedly has been accumulating since early December and the trend is still going strong.

Aave holding pattern:Santiment

The Aave price surge also coincides with its V3 upgrade release, which allowed for cross-chain transactions between various platforms, including Ethereum and Polkadot. Additionally, the new V3 upgrade also enables users to set up their own loans and savings protocols securely.

This indicates Aave’s strong potential for the long term, as its technology and features continue to advance in a very competitive market.With major whales continuing to accumulate and Aave’s fundamentals appearing strong, AAVE’s price might continue to move higher in the coming days and weeks.We will look at the technical aspect of Aave and see if its current price hike can be sustained.

AAVE/USD Technical analysis on all timeframes

AAVE  price analysis shows the digital asset is trading at $79.54, up by over 15% in the last 24 hours. On the daily chart, Aave appears to be in an uptrend, as the price is trading above all three major moving averages (50-day EMA, 100-day EMA, and 200-day EMA).

The Relative Strength Index(RSI) is also in the bullish territory above 50. On the flip side, immediate resistance is seen at $87.0. The key support levels for the trend to sustain can be found at $77.7 and $70.0 respectively.

Aave analysis on the 4-hour chart shows the AAVE/USD is trading in a rising channel formation. The pair is currently facing resistance at $81.0 and pushing higher. While the MACD indicator is also in the bullish area above the zero line, suggesting that further gains might be seen in the upcoming sessions. 

The Stochastic RSI, on the other hand, is above 80 in the overbought region. This indicates that a correction might be seen in the near term before Aave’s price resumes its uptrend.

AAVE/USD trading chart:TradingView

The market volatility is currently low, which signals that the Aave price could witness a consolidation before continuing its move higher. On the downside, immediate support is seen at $79.5 and if breached, more losses might be seen in the market.

Aave price is set to continue its uptrend, as whales continue to accumulate and the altcoin’s fundamentals remain strong. With the V3 upgrade in place, we are likely to see more gains in the upcoming days. In case of a minor pullback, the major support levels are seen around $77.7 and $70.0 respectively.

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