AAVE has seen impressive price gains in the last 24 hours, reaching $378 with an 18% increase. This upward trend, fueled by a successful breakout above the $342 resistance zone, has led to predictions of a potential rally to $400. However, on-chain data suggests potential challenges, with increased selling pressure and a decline in the MVRV ratio. Furthermore, a drop in the long/short ratio indicates a higher number of short positions compared to long positions. The crucial support level for AAVE to regain momentum and potentially reach $400 lies at $366.
has displayed a tremendous performance in the last 24 hours with its double-digit price gains. This recent uptrend might push the token further up above $400, as predicted by a popular analyst. AAVE decoupled from the top cryptos as it registered an 18% price hike in just the last 24 hours. At press time, it was trading at $378 with a market capitalization of over $5.6 billion.that hinted at a similar growth if one condition was met.
This recent price increase also had a positive impact on the token’s social metrics. For example, its weighted sentiment went into the positive zone, meaning that bullish sentiment around AAVE was rising.AMBrypto then took a look at the token’s on-chain data to find out whether this bull run will continue. As per the analysis, selling pressure seemed to have increased in the recent past.
AAVE Cryptocurrency Price Prediction Bull Run On-Chain Analysis Technical Indicators Support Level Resistance Level
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