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<p>The post <a href="https://coinpedia.org/news/aave-trading-volume-shows-131-growth-bullish-sign-or-what/" rel="noopener noreferrer nofollow">AAVE Trading Volume Shows 131% Growth, Bullish Sign or What?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Despite the massive downturn in the cryptocurrency market, Aave’s (AAVE) trading volume has skyrocketed by 131% in the last 24 hours as crypto whales go on a buying spree. On September 4, 2024, when Bitcoin (BTC) breached its crucial support level of $57,000, the overall cryptocurrencies experienced a notable price decline.</p>
<h2 class="wp-block-heading" id="h-whale-s-big-bet-on-aave"><strong>Whale’s Big Bet on AAVE</strong></h2>
<p>Amid this market downturn, crypto whales saw an opportunity in AAVE and heavily accumulated it. Recently, an on-chain analytic firm Lookonchain made a post on X (previously Twitter) that a whale bought a significant 50,504 AAVE tokens worth $6.78 million from Binance, the world’s biggest cryptocurrency exchange.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">This whale bought 50,604 <a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$AAVE</a>($6.78M) again 20 mins ago and currently holds 125,605 <a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$AAVE</a>($16.9M) with an average buying price of $134.6.<a href="https://t.co/Cn5oNqLdqA" rel="noopener noreferrer nofollow">https://t.co/Cn5oNqLdqA</a><a href="https://t.co/jjJN59HBqF" rel="noopener noreferrer nofollow">https://t.co/jjJN59HBqF</a> <a href="https://t.co/fGPLn8uANu" rel="noopener noreferrer nofollow">pic.twitter.com/fGPLn8uANu</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1831260317399265295?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 4, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>With this massive accumulation, the whale now holds 125,605 AAVE tokens worth $16.90 million, which he bought with an average price of $134.6. The whale’s interest in AAVE seems strong, as they have consistently bought <a href="https://coinpedia.org/price-prediction/aave-price-prediction/" rel="noopener noreferrer nofollow">AAVE tokens</a> during market downturns.</p>
<h2 class="wp-block-heading" id="h-aave-technical-analysis-and-upcoming-levels"><strong>AAVE Technical Analysis and Upcoming levels</strong></h2>
<p>According to expert technical analysis, AAVE is in an uptrend as it trades above the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, its Relative Strength Index (RSI) is neutral, meaning AAVE is neither in overbought territory nor in oversold territory.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/04203538/AAVEUSDT_2024-09-04_20-31-15.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/09/04203538/AAVEUSDT_2024-09-04_20-31-15-1024x449.png" alt="" class="wp-image-347267" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/04203538/AAVEUSDT_2024-09-04_20-31-15-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/04203538/AAVEUSDT_2024-09-04_20-31-15-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/04203538/AAVEUSDT_2024-09-04_20-31-15-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/04203538/AAVEUSDT_2024-09-04_20-31-15-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/04203538/AAVEUSDT_2024-09-04_20-31-15-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/04203538/AAVEUSDT_2024-09-04_20-31-15.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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<p>On the other hand, AAVE looks bearish on a four-hour time frame, and there is a high possibility it could fall back to the $118 level. The potential reason behind this speculation is historical price momentum, whenever AAVE’s price reaches between $130 to $135, it always tends to experience, leading to a significant price decline.</p>
<h3 class="wp-block-heading" id="h-rising-price-and-open-interest-nbsp"><strong>Rising Price and Open Interest&nbsp;</strong></h3>
<p>As of now, AAVE is trading near $130 and has experienced a price surge of 3.7% in the last 24 hours, despite the majority of top cryptocurrencies being in the red. Meanwhile, its trading volume has skyrocketed by 131%, indicating higher participation from investors.</p>
<p>However, AAVE’s <a href="https://www.coinglass.com/currencies/AAVE" rel="noopener noreferrer nofollow">open interest</a> has also jumped by 7.3% in the last 24 hours, according to the on-chain analytic firm CoinGlass, indicating growing interest from traders amid the recent price decline.&nbsp;</p>

AAVE Trading Volume Shows 131% Growth, Bullish Sign or What?

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