AAVE price dropped to $164.5 amid increasing centralized exchange outflows. Despite this, the asset remains 131% above its July low.
AAVE CEX Outflows
According to Nansen, AAVE had CEX outflows of over $6.35 million, a 4.96x increase from the recent average. This indicates that investors are moving their tokens to self-custody, often seen as a positive signal for a cryptocurrency.
AAVE Asset Status
According to DeFi Llama, AAVE has accumulated assets worth over $12.53 billion, most of which are in its V3 version. Of these assets, $8.09 billion has been borrowed, and the network has collected over $260 million in fees in the last 12 months, making it one of the most profitable DeFi platforms.
AAVE Technical Analysis
On the weekly chart, the AAVE token has been in a strong bullish trend, remaining above the ascending trendline since June 2022. It has also flipped the key resistance at $154.21, its highest point in March this year. AAVE has moved above the 25-week moving average, while the Relative Strength Index is approaching the overbought level. Therefore, AAVE may continue its bull run, targeting the psychological level of $200.
Despite current price fluctuations, investors continue to show interest in AAVE. The increase in centralized exchange outflows and positive financial performance of the platform indicate further growth potentials.
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