AAVE Soars Amidst Market Slump: Can Bullish Momentum Continue?

Aave crypto (AAVE) has experienced a notable surge in its price, displaying upward movement as other cryptocurrencies struggle to stabilize.

Per the crypto bubbles website, over the intraday trend, only a few greens were among major reds, and AAVE was among the greens.

24-hours market trend | Source: cryptobubbles

This coin maintains its bullish momentum and seems well positioned above key support areas. This strength comes after a correction period neutralized by June 5th, 2024; it built higher highs and yet still suggests more potential for future gains.

AAVE crypto is the 40th largest globally at press time, with a market cap dominance of 0.09%. Its spot volume inflow of 24 hours has increased by over 48%, resulting in a traded value of $215.8 Million. This illustrated a robust liquidity present, as the ratio was 10.79% in the last 24 hours.

AAVE Crypto Tops In Intraday

Per the on-chain research from IXFI, AAVE crypto has a 0.49 price correlation, making it less likely to tend majorly with BTC’s price activity. The AAVE has improved on a different note, and now it follows a separate price action.

Meanwhile, the BTC price remains under the $60,000 mark, and the Ethereum price remains around $2,500, alongside most assets that were in red today. Except for Aave, no significant gains were seen today in the top 100, per CoinMarketCap. This trend highlights the standout performance of AAVE crypto amidst the larger market red performance.

According to Coinglass, the Aave crypto has experienced good trading activity as of writing. The trading volume for Aave advanced by 65%, reaching a substantial $399.58 million. The open interest in Aave derivatives has also seen a notable increase, signifying increased contracts for the current trend.

Per Coinglass, OI has climbed by 24.43% to $139.42 million.

OI & Liquidations chart | Source: Coinglass

Similarly, the 24-hour liquidations data highlights that more shorts have built, with a short ratio of 1.008. Precisely, the shorts liquidated were $339.47K, while the longs were only $141.72K. The derivatives data indicate a heightened investor interest and bullishness for Aave.

At The Current Price, How Many Are In Green?

The AAVE 57.09% of the total holders were in green at the time of writing. This was followed by 39.92% of the holders in loss and a breakeven position of 2.99%.

Financial data | Source: IXFI

Additionally, 59.44% of the tokens were held by the Whale holders, and the retail holding was a minimum of 20.28%.

A glance At The Technical Chart Of AAVE Crypto

AAVE has witnessed a more than 70% surge in its trading price, driven by a breakout from a descending triangle pattern. The daily chart’s upward movement has continued despite the major dips, and the $80 demand zone has proved itself to be the strongest.

Over the past three days, consistent gains were seen taking support from the 20-day EMA band. The price over the long term seems optimistic, as the price of AAVE crypto has managed to keep itself above the 50-day and 200-day EMA bands over the last few months.

Aave price is exhibiting signs of entering a bullish market phase for the long term. As of writing, the trend indicates a possible target of $150 and $160. There’s a higher capacity ahead for AAVE crypto price to hit $200, marking a gain of more than 50% by the end of September.