AAVE Soars to $400, Can It Last? Let's See Why These Key Data Points Are Worrying
AAVE has surged significantly, but it still has several hurdles to clear before reaching $400.
In the last 24 hours, AAVE has skyrocketed by 18%.
However, with more sellers entering the market, the price may slightly adjust downwards.
In the last 24 hours, AAVE's double-digit rise is truly impressive. Some analysts say that if this trend continues, AAVE could surpass $400.
Let's take a look at AMBCrypto's data to see how feasible this is.
AAVE is Bullish
AAVE has stopped playing with those big-name cryptocurrencies and has risen 18% in 24 hours on its own. It is currently selling for $378 per share, with a market cap exceeding $5.6 billion.
An analyst named Ali Martinez mentioned on Twitter that if it breaks the $342 barrier, AAVE could shoot for $400.
He also stated that breaking this barrier could lead to a 19% increase. Hey, AAVE has really broken through, and it's currently on its way to $400.
This price increase has also boosted AAVE's social media metrics. For instance, people’s confidence in it has grown, and bullish sentiment is rising.
There are also more discussions about AAVE on social media, making this coin increasingly popular in the cryptocurrency space.
Can AAVE continue to rise?
AMBCrypto examined on-chain data to see if this bull market could persist. The results show that the number of sellers seems to have increased.
There are more AAVE available on exchanges while fewer outside of exchanges. In a bull market, this usually means people are looking to cash out, and prices may need to adjust downwards.
Another concerning signal is that the MVRV ratio rose on the 23rd and then declined slightly.
Similarly, Coinglass data indicates that there are more short positions than long ones, with the 4-hour long/short ratio dropping.
Want to read AAVE's (AVAE) price predictions? Click here to see the forecasts for 2024-25.
If the price adjusts, AAVE must hold the $366 support level to make another push towards $400.
If it can't hold, it may drop back to $301.
Don't be blinded by short-term fluctuations; let Qijie guide you in setting goals, taking steps steadily, and witnessing wealth explosion with a smile! Follow Qijie to transition from confusion to freedom!
