AAVE has shattered its long-standing consolidation phase and exited the ascending channel, showcasing strong bullish momentum.
has shattered its long-standing consolidation phase and exited the ascending channel, showcasing strong bullish momentum.However, despite this short-term setback, technical and on-chain indicators pointed to a potential upward trend. Could AAVE be on the brink of a significant bullish breakout in the crypto market?AAVE was a crucial resistance level of $317 at press time, a point that could confirm the bullish trend.
Concentration data also reveals a slight bullish trend of -0.01%, while large transactions have surged by 6.78%. Investors prefer storing assets in private wallets rather than on exchanges, expecting higher returns in the near future.The long/short ratio was 1.1377 at the time of writing, with long positions at 53.22% and short positions at 46.78%. The higher percentage of long positions indicated strong bullish sentiment among traders.
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