As those big players grow increasingly optimistic about AAVE, it is indeed on fire in the DeFi world! Even BlockTower Capital couldn't resist and recently quietly acquired 15,580 tokens!
Although the price of AAVE has slightly dropped by 2.50%, settling at $166.09, this pullback seems to be testing everyone: can institutional trust really drive the price to soar?
The Aave platform boasts deposits exceeding $25 billion, holding a top position in the DeFi world, incredibly stable! However, to reach greater heights, it still depends on the strength of technology and on-chain signals.
The AAVE price has been hovering around the $170.68 level, playing a game of 'catch me if you can' with the 9-day and 21-day moving averages. Interestingly, these two lines are also playing a 'bearish crossover' game, and the bullish momentum seems to have weakened a bit.
Looking at the Relative Strength Index (RSI), at 51.28, it can be considered neutral. Although it hasn't dropped into the oversold zone yet, if the RSI can touch 60, there might be a beautiful rebound!
AAVE right now is like standing on the edge of a cliff, very cautious. However, the slight increase in trading volume is like a shot of adrenaline, giving everyone hope. In the past 24 hours, the number of trades rose by 1.03%, and the network trading volume skyrocketed to 3,060 transactions!
The growth of this activity just means that more and more users are loving AAVE, right? Moreover, even if the market adjusts, the trading volume remains steady, indicating that everyone truly loves AAVE!
The liquidation data is also very promising, with long liquidations easily outpacing short liquidations! $518,300 compared to $61,100, what a difference! Although the market has been a bit bearish recently, traders are full of confidence in AAVE, believing it can definitely make a comeback!
So, with institutional support for AAVE and trading volume continuously rising, traders are optimistic, and it might just be on the verge of a major recovery! Although there's a bit of hesitation before the $170 level, once it breaks through, the rebound momentum will definitely be solid!
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