Aave delivered an impressive performance amid a tough week for major cryptocurrencies. While blockchain data paints an optimistic picture, price fluctuations and volatility are expected in the short term. Despite Bitcoin's depreciation, Aave's price has increased, proving its relative strength and resilience in volatile markets.

Aave (AAVE) attracted attention last week, at a time when Bitcoin (BTC) and other major cryptocurrencies were experiencing significant losses. As of Monday, Bitcoin is down 11.25%, while AAVE is up 11%, showing a strong performance despite market challenges. This is considered a positive sign for Aave investors and traders.

In July's rally, the 50% retracement level at $88.94 appeared to provide solid support given the Fibonacci retracement and extension levels from $71 to $106.7. The bulls managed to reverse losses after this level was tested on July 24. Over the next nine days, AAVE moved into a bull market structure on the daily chart. The daily Relative Strength Index (RSI) is currently at 65, indicating strong upward momentum, but has not reached overbought conditions. The increase in the On-Balance Volume (OBV) trend confirms the continued buying pressure.

On-chain data provides additional insight into Aave's market behavior. For example, the average coin age has increased steadily since early July, indicating an accumulation period. However, the 30-day Market Value to Realized Value (MVRV) ratio has reached levels not seen since March, which could signal possible selling from short-term investors looking to realize their gains. Additionally, the increased activity and increase in circulation signals bullish sentiment while also highlighting potential short-term price volatility. Traders will need to be prepared for moves towards the $142 level, although possible declines may also occur along the way.

Aave is positioning itself as a notable asset in the cryptocurrency world, performing strongly despite market volatility. A combination of technical and on-chain analysis shows that bullish sentiment prevails. However, it is important for traders to be careful about potential short-term fluctuations. Future projections predict that Aave could target higher profit levels with $129 and $142 Fibonacci extensions as long as support levels are maintained and accumulation continues. Current momentum and on-chain metrics highlight Aave as an important cryptocurrency for both investors and traders.

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