AAVE has been recently popular with its price rising more than 40% in the past week. This increase has caught the attention of the crypto community, highlighting the network’s growing influence in the crypto and DeFi space. If Aave continues on this trend, there is a possibility that it could break the $400 milestone and even the strong resistance at $500.
At the time of writing, Aave is trading at a price of $367.57, marking a surge of 3.52% in one day and 44.50% in the last week. According to CoinMarketCap, the coin has a market cap of $5.5B and a volume of $2.1B which has increased by 34.65%. Furthermore it also has a TVL (total value locked) of $22.17B.
According to Coinglass, on the Binance exchange, AAVEUSDT long accounts make up for 52.09% while the short accounts account for 47.91% resulting in a long/short ratio of 1.09. This indicates a slightly bullish sentiment among traders, with more participants betting on AAVE’s price to further rise.
Based on the AAVE Exchange Liquidation Map, there are about $54.60M cumulative long liquidation leverage at $332.1 and $43.11M cumulative short liquidation leverages at $416.1. This data indicates that more investors are taking long positions compared to those going short. This significant difference in liquidation also highlights the confidence of investors in AAVE’s price recovery.
The Relative Strength Index currently stands at 81.60, reflecting an overbought momentum and the Moving Average Convergence Divergence indicates a bullish condition with the MACD line trading above the signal line. The combination of technical indicators underscore strong upward momentum.
Bullish Aave Targets $230 Despite Whale Deposits to CEXs
AAVE’s recent price, increasing trading volume and positive technical indicators suggest that the asset is experiencing a strong bullish momentum. The coin has positioned itself well for potential growth, possibly breaking past resistance levels at $400 and $500.
