$AAVE Trading Volume Surges by 131%: Bullish or Bearish?
Whale Activity:
In the midst of the market decline, crypto whales have been accumulating AAVE. An on-chain analytics firm, Lookonchain, reported that a whale purchased 50,504 AAVE tokens at a total value of $6.78 million. This whale now holds 125,605 AAVE tokens valued at $16.90 million, with an average purchase price of $134.6. The whale's consistent buying during market dips suggests strong confidence in AAVE.
Technical Analysis:
AAVE appears to be in an uptrend on the daily chart, trading above the 200 Exponential Moving Average (EMA). Its Relative Strength Index (RSI) is neutral, indicating it is not currently overbought or oversold. However, on a four-hour chart, AAVE looks bearish, with a potential drop to $118. Historical price patterns suggest that AAVE tends to decline significantly when its price reaches between $130 and $135.
Price and Open Interest Trends:
AAVE is currently trading around $130, showing a 3.7% price increase over the last 24 hours. This is notable given the overall market downturn. Additionally, AAVEâs open interest has risen by 7.3%, indicating increased trading interest despite the market's challenges.
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