Aave hits $172: Highest price and market cap since 2022 – What’s next?
The post Aave hits $172: Highest price and market cap since 2022 – What’s next? appeared on BitcoinEthereumNews.com.
Aave reached its highest price in over a year at approximately $172, indicating a strong bull trend. The Total Value Locked (TVL) in the network surged to over $13 billion in 2024, nearing its 2021 levels, driven by increased activity. Aave [AAVE] has been on a bullish trajectory over the past few weeks, reaching its highest price point in over a year during the latest trading session. On-chain data analysis indicates a robust bull trend, further supported by increased Total Value Locked (TVL) activities. Aave sets a new annual price record In the daily time frame, AAVE closed the last trading session at approximately $172, marking an almost 6% increase. This price level has not been retested since May 2022, making it a significant milestone for the cryptocurrency. Source: TradingView The recent surge has established a new support level at $136, with a longer-term support around $128, indicated by its short-term moving average (yellow line). The Relative Strength Index (RSI) has remained above the neutral line for over a month, signaling a sustained bull trend since August. Currently, the RSI hovers around 70, entering the overbought zone due to the recent price rise. Market capitalization mirrors price trends AAVE’s market capitalization has climbed in tandem with its price. According to CoinMarketCap, the market cap now exceeds $2.5 billion. This is a substantial increase from a year ago when it stood at around $882 million. The most notable growth occurred around August, jumping from approximately $1.3 billion to $2 billion. Bullish signals from Aave’s on-chain data On-chain indicators reveal increased accumulation of AAVE over the past few months. The total number of holders with a non-zero balance rose from around 168,000 to about 170,000 before a slight dip to 169,000. This uptick indicates that more wallets have been purchasing the asset recently.…
Filed under: News - @ September 25, 2024 12:25 am