A rising parallel channel was noticed on the daily chart, and the altcoin has consistently exceeded the gains.
Cryptocurrency Aave (AAVE) has witnessed a remarkable demand in recent weeks, continuing its uptrend. It reached the highest 52-week trajectory and aimed to extend the bullish momentum toward the $200 mark in the following sessions. Since July 2024, the price of AAVE has continued to show gains within the rising channel, forming higher highs.
Notably, it gained a triple-digit surge of over 110% over the last three months, which showed buyer dominance on the chart. AAVE crypto ascended above the 61.8% Fib levels and targeted more gains. Amidst the crypto market volatility, AAVE crypto showed a resilient rise and persisted in riding the bull rally.
AAVE is heating up as the go-to lending protocol, drawing interest from smart money and other DeFi protocols.
A rising parallel channel was noticed on the daily chart, and the altcoin has consistently exceeded the gains.
AAVE price was trading at $156.83 at press time, with an intraday change of over +4.16%. Its market had risen by 3.12% to $2.39 Billion and had a circulating supply of 15.17 Million.
The Relative Strength Index (RSI) skyrocketed to the overbought zone, 68, at press time. The move could persist, and the altcoin might reach the $200 mark shortly.
Similarly, the MFI index, with a reading of 78, signals a massive inflow in the market, suggesting significant investor speculation for AAVE.
TraderKoz, in his recent tweet, stated that the AAVE price escaped the 900-day accumulation range and is set for a blast in the following sessions.
$AAVE breaking out of almost a 900 day accumulation
Look for charts like this and load your bags pic.twitter.com/wbb4pe2gVK
Data from Santiment indicates that AAVE’s daily transaction volume ratio of profit to loss, based on a seven-day moving average, has spiked massively this week.
Currently, the ratio is 4.472, meaning that every transaction ends with a profit. This surge in AAVE’s price and the high profitability of its daily transactions have led its large holders to increase their exposure.
Similarly, the daily active addresses data witnessed the same and reflected an uptick at 789. It conveys that new investors have attracted attention and started chasing the bullish rally.
Since January 2024, AAVE’s TVL has been on the rise and surged by almost 100%. At press time, the TVL was valued at $12.181 Billion. Typically, a rising TVL means growing investor interest, hence the price surge.
Going forward, data from Coinglass indicates that significant long-buildup activity was happening overnight in AAVE. Its Open Interest (OI) has risen by 7.52% to $158.76 Million.
The immediate support levels for AAVE’s crypto were around $152 and $150, whereas the prompt barriers were around $163 and $170.
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