AAVE Shows Strong Recovery, Attracts Smart Investors

user avatar

by Giorgi Kostiuk

2 years ago

AAVE's price is witnessing a rebound for the second consecutive day, erasing some of last week's losses, driven by smart money buying and decreasing exchange balances.

AAVE's Rise and DeFi Influence

AAVE, the largest lending protocol in the crypto industry, climbed to $341 on Monday, Dec. 23, marking a 25% increase from its lowest level last week. This recovery pushed the token’s market cap to over $5 billion. It was driven by the broader rebound in DeFi tokens, like Curve DAO Token and Raydium.

Smart Investors Active and Exchange Balances Decline

Exchange balances of AAVE tokens continued to decline, indicating that investors prefer holding over selling. The total tokens held on exchanges fell to 5.51 million. Nansen data highlighted increased activity among smart money investors, with their numbers rising from fewer than 30 in June to nearly 50 now.

Technical Analysis: Growth Prospects

Technical analysis suggests that AAVE has more upside potential. The coin formed a hammer candlestick chart pattern and found support at its 50-day moving average, indicating a possible continuation of the rise.

AAVE is slowly regaining its position, attracting smart investors. Technical indicators also suggest potential further growth for the token.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Thailand's SEC Takes Action Against Bitget for Unlicensed Operations

Thailand's SEC has filed a criminal complaint against BG Limited for allegedly operating the cryptocurrency exchange Bitget without a license.

user avatarAndrew Smith

VanEck Sees Buying Opportunity in Bitcoin Mining Stocks After Market Correction

VanEck sees a buying opportunity in Bitcoin mining stocks after a market correction, citing limited electricity capacity and delays in grid connections as potential advantages.

user avatarZainab Kamara

Bitcoin Mining Stocks Plummet Amid AI Infrastructure Concerns

Bitcoin mining companies that expanded into AI infrastructure saw an average stock price decline of 35% in October 2023 due to market fears about rising borrowing costs and economic uncertainties.

user avatarJacob Williams

Proposed Loss Carryforward Mechanism for Cryptocurrency Investments

South Korean government officials proposed a three-year loss carryforward mechanism for cryptocurrency investments to create a balanced taxation approach.

user avatarTando Nkube

Samsung Wallet Introduces Stablecoin Functionality for Galaxy Users

Samsung Wallet has launched a feature for US Galaxy users to manage stablecoin accounts, allowing them to buy, hold, send, and receive USDC on the Solana blockchain.

user avatarSon Min-ho

Evernorth Registers 737 Million Shares, Raising Concerns Over Stock Pressure

Evernorth has registered up to 737 million shares for potential resale, raising concerns about selling pressure on its stock.

user avatarAyman Ben Youssef

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.