AAVE bounces off its 50-day moving average; are the bulls back?
The post AAVE bounces off its 50-day moving average; are the bulls back? appeared on BitcoinEthereumNews.com. AAVE sees a surge in demand in a pivot that could potentially yield more upside in October’s second half. AAVE supply held by top addresses indicates growing accumulation. AAVE has been one of the best cryptocurrencies for traders looking to trade. This is because it has been trading in a wedge pattern underpinned by descending resistance and ascending support. Is your portfolio green? Check out the AAVE Profit Calculator One would expect AAVE to continue dipping but there was the chance that it might turn bullish in the next few days. A resistance retest is also possible based on multiple observations. The first is that it experienced a substantial demand resurgence in the last 24 hours after previously interacting with its 50-day moving average. Source: TradingView AAVE should technically seek more downside based on the wedge pattern. However, the bullish volume in the last 24 hours suggested the likelihood that the bulls might regain control. The DeFi token has been achieving higher lows for the last few months suggesting that demand has been improving. Are the stars aligning for AAVE’s short-term price action? The above observation also aligned with some of AAVE’s latest on-chain characteristics. For example, the supply of AAVE held by top addresses witnessed growth and, at press time, was at its highest monthly level. This confirmed that the whales were accumulating and could potentially lead to higher prices. Source: Santiment Similarly, Aave’s ecosystem maintained healthy development activity during the same four-week period. This may boost investor sentiment. These findings could support the case for AAVE’s bullish recovery which would allow it to recover the gains lost in the first half of October. Read about AAVE’s price prediction for 2024 The demand recovery in the last 24 hours was the consequence of a surge in bullish volume. This…
The post AAVE bounces off its 50-day moving average; are the bulls back? appeared on BitcoinEthereumNews.com.
AAVE sees a surge in demand in a pivot that could potentially yield more upside in October’s second half. AAVE supply held by top addresses indicates growing accumulation. AAVE has been one of the best cryptocurrencies for traders looking to trade. This is because it has been trading in a wedge pattern underpinned by descending resistance and ascending support. Is your portfolio green? Check out the AAVE Profit Calculator One would expect AAVE to continue dipping but there was the chance that it might turn bullish in the next few days. A resistance retest is also possible based on multiple observations. The first is that it experienced a substantial demand resurgence in the last 24 hours after previously interacting with its 50-day moving average. Source: TradingView AAVE should technically seek more downside based on the wedge pattern. However, the bullish volume in the last 24 hours suggested the likelihood that the bulls might regain control. The DeFi token has been achieving higher lows for the last few months suggesting that demand has been improving. Are the stars aligning for AAVE’s short-term price action? The above observation also aligned with some of AAVE’s latest on-chain characteristics. For example, the supply of AAVE held by top addresses witnessed growth and, at press time, was at its highest monthly level. This confirmed that the whales were accumulating and could potentially lead to higher prices. Source: Santiment Similarly, Aave’s ecosystem maintained healthy development activity during the same four-week period. This may boost investor sentiment. These findings could support the case for AAVE’s bullish recovery which would allow it to recover the gains lost in the first half of October. Read about AAVE’s price prediction for 2024 The demand recovery in the last 24 hours was the consequence of a surge in bullish volume. This…
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