Aave

bullish

2024

Velocity

<p><strong>Aave</strong>&nbsp;(<a href="https://www.thecoinrepublic.com/price-prediction/aave/">AAVE</a>) a leading decentralized finance (DeFi) protocol, has experienced significant profit booking. AAVE crypto price retraced more than 15% this week.</p> 
<p>AAVE has found it difficult to cross the $150 mark in the past few weeks and has made a double-top formation. Forming a three black crows pattern, the token has seen a three-day bearish streak and underlined the selling pressure.</p> 
<p>Still, the token traded above the key moving averages and looked bullish. Facing significant challenges and increased liquidations, the token was seeking a retracement.</p> 
<p>However,&nbsp;<strong>AAVE</strong>&nbsp;was in a short-term accumulation phase, driving a massive bullish surge in the last two months. Despite the market turbulence, it continued to spread the gains inside a rising channel and witnessed outperformance.</p> 
<p>Meanwhile, the $150 mark is the most crucial resistance mark, which bulls failed to flip. Until the barrier is breached, the token may consolidate near the upper Bollinger band.</p> 
<p>Looking ahead, the token was heading to revisit the 20-day EMA mark. It could drop toward the $120 mark in the next sessions.</p> 
<h2 class="wp-block-heading" id="h-aave-crypto-struggles-near-supply-zone-price-analysis"><strong>AAVE Crypto Struggles Near Supply Zone: Price Analysis</strong></h2> 
<p>On the daily chart,&nbsp;<strong>AAVE</strong>&nbsp;made a double top formation, displaying profit booking throughout the week. It demonstrated a rejection from its supply zone of $150 and lost momentum.</p> 
<p>However, the trend is still bullish, and buyers want to gain further traction to beat the mighty bear cartel. Until the $150 mark is breached, a fresh rally is unlikely.</p> 
<p><strong>AAVE</strong>&nbsp;was trading at $127.36 at press time, it had dropped over 3.20% intraday. Its trading volume soared over 12.29%, representing flat investor participation.</p> 
<p>With a market cap of $1.93 Billion, it was ranked at 50 and has a total supply value of 16.24 Million.</p> <iframe loading="lazy" title="Santiment Chart: Price (AAVE), Volume (AAVE)" width="800" height="425" src="https://embed.santiment.net/chart?ps=helium&amp;pt=HNT&amp;df=2024-02-27T18%3A29%3A59.824Z&amp;dt=2024-08-27T18%3A29%3A59.824Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Baave%3BAAVE%5D%3B%5B1%3Bvolume_usd%3Baave%3BAAVE%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The&nbsp;<strong>RSI</strong>&nbsp;line showed a negative crossover and projected increased selling pressure on the chart. Similarly, the CMF indicator plotted a negative value and slipped below the zero line, conveying the bearish move.</p> 
<p>DaanCrypto, in his recent tweet, said that AAVE was consolidating near its supply region and attempting to break its local highs.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAVE</a> Some more consolidation and I want to see this attempt to break the yearly/cycle highs.<br><br>Clear skies ahead if it can do so. $155 -&gt; $260 would be on the board. <a href="https://t.co/JggF6NDQvh">https://t.co/JggF6NDQvh</a> <a href="https://t.co/r02vVK1Tez">pic.twitter.com/r02vVK1Tez</a></p>— Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1828070393850253800?ref_src=twsrc%5Etfw">August 26, 2024</a>
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<p>Per the Fib retracement levels,&nbsp;<strong>AAVE</strong>&nbsp;failed to cross the 61.8% resistance zone. It reverted toward the 50% support trajectory near $120.</p> 
<h2 class="wp-block-heading" id="h-development-activity-data-witnessed-a-consistent-uptick"><strong>Development Activity Data Witnessed a Consistent Uptick</strong></h2> 
<p>The bullish trend in AAVE’s development activity metric reflected a consistent rise, displaying sustained growth in the ecosystem. It showed a vertical rise, noted at 25.52, underlining a positive sentiment.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (AAVE), Development Activity (AAVE)" width="800" height="425" src="https://embed.santiment.net/chart?ps=helium&amp;pt=HNT&amp;df=2024-02-27T18%3A29%3A59.824Z&amp;dt=2024-08-27T18%3A29%3A59.824Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Baave%3BAAVE%5D%3B%5B1%3Bdev_activity%3Baave%3BAAVE%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>However, the social dominance data continued to fluctuate, highlighting significant buzz. Noted at 0.267%, it conveyed a rise in investor chatter for the token and heightened online discussions on the media platforms.</p> 
<h2 class="wp-block-heading" id="h-network-growth-and-velocity-data-overview"><strong>Network Growth and Velocity Data Overview</strong></h2> 
<p>The network growth line observed a massive downtick during the three-day bearish streak. It dropped below the median line, indicating new addresses lost interest.</p> <iframe loading="lazy" title="Santiment Chart: Network Growth (AAVE), Velocity (AAVE)" width="800" height="425" src="https://embed.santiment.net/chart?ps=helium&amp;pt=HNT&amp;df=2024-02-27T18%3A29%3A59.824Z&amp;dt=2024-08-27T18%3A29%3A59.824Z&amp;emcg=1&amp;emhwm=1&amp;wm=[1%3Bnetwork_growth%3Baave%3BAAVE]%3B[1%3Bvelocity%3Baave%3BAAVE]&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B" scrolling="no"></iframe> 
<p>Likewise, the velocity line showed a downtick at 2.093, indicating a reduced transfer. It conveyed less activity involving AAVE.</p> 
<p>Its Futures Open Interest dropped over 10.20% to $126.29 Million, reflecting a long unwinding move in the last 24 hours. If&nbsp;<strong>AAVE</strong>&nbsp;takes the support at around $125, it might show a pullback. It could aim to sustain above the $135 mark, followed by the resistance mark of $142.</p> 
<p>If the token continues the bearish reversal; the token may reach the lower support region of $115. This would be followed by $110 in the near term.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/27/aave-crypto-hits-supply-zone-resistance-will-it-surpass-150/">AAVE Crypto Hits Supply Zone Resistance: Will It Surpass $150?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

AAVE Crypto Hits Supply Zone Resistance: Will It Surpass $150?

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Thecoinrepublic.com

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