After a recent market decline, overall sentiment looks optimistic. Aave (AAVE) shows positive movement, gearing for significant price growth.
AAVE Technical Analysis
According to expert technical analysis, AAVE is forming a bullish double-bottom pattern, yet incomplete. Supported by investors, it has successfully formed the second bottom and is gaining upward momentum. If AAVE holds above the second bottom, it could rise by 25% to the neckline at $375. Its Relative Strength Index (RSI) is 52, indicating increasing buying pressure.
Bullish On-Chain Metrics
Coinglass and IntoTheBlock reveal a surge in trader and investor participation. Exchanges have seen an outflow of over $3.5 million worth of AAVE, potentially indicating accumulation by long-term holders. A 7.5% increase in open interest shows shifting sentiment, with a Long/Short Ratio of 1.13 indicating bullish sentiment among traders.
Current Price Momentum
AAVE is currently trading near $317, with over a 10% price surge in the last 24 hours. Trading volume jumped by 20%, showing heightened trader and investor participation.
Positive technical analysis and on-chain metrics suggest potential price growth for Aave in the near future.
