The AAVE cryptocurrency is showing significant growth, attracting the attention of investors and analysts. Let’s review its key indicators, forecasts, and technical analysis.
Key Indicators of AAVE
AAVE is backed by investors such as Blockchain Capital and Blockchain.com Ventures. The cryptocurrency's market cap has significantly increased from $1.20 billion to $1.90 billion since the dip on August 5th, positioning it 40th in the global crypto ranking. According to Chainbroker, AAVE has an AA tier security score of 90.09, showing strong governance and community trust.
Analysis and Predictions
According to analyst @cryptoknight890, the long accumulation phase could end soon, leading to a sharp rise. The analyst predicts a potential price increase up to $500. With the current bullish trend, derivative trading volume has surged by 150%, reaching $731.34 million in 24 hours. Open interest also grew by 49%, amounting to $169.54 million. The long-short ratio indicates a bullish momentum with the dominance of bulls over bears.
Technical Analysis
In the past 24 hours, the AAVE token rose by 14%. At the time of writing, it was trading at $129.05. Breaking the $115 range led to surpassing dynamic hurdles of the 50-day and 200-day EMA bands. Over the past 7 days, AAVE has gained over 36% from the $90 support, attracting investor interest. Staying above the range could target $134.01 and $145.01. Conversely, falling below $115 could mean a drop to $108 or $98.
AAVE shows significant growth, attracting investor and analyst attention. While further price increase and stabilization are possible, it is important to monitor support levels and market signals.
Comments