The on-chain metrics showed AAVE crypto was overvalued in the short-term, which could lead to a wave of selling from profit-taking activity.
This accumulation trend among addresses was a positive sign for AAVE. Yet, the price saw a rejection from the $140 resistance zone that marked the local top back in March.The daily timeframe showed a strong bullish structure and momentum. The OBV also made a new high to indicate significant buy volume behind the rally.
However, despite all the positive signs, AAVE crypto still stopped at the $140 resistance zone that marked the March highs. Based on the July rally, a set of Fibonacci levels had been plotted. They showed that $142.58 was also the 100% extension of that move, reinforcing the strength of the resistance here.The 30-day MVRV was the highest it has been since early March. Short-term holders were at a profit, which could lead to selling pressure. The mean coin age has lacked a consistent trend over the past month.
On the other hand, the falling mean dollar invested age was a huge positive. It signals increased token circulation and new investments and is a bullish signal.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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