AAVE’s road to $290 – Watch out for these on-chain metrics now!
The post AAVE’s road to $290 – Watch out for these on-chain metrics now! appeared on BitcoinEthereumNews.com.
AAVE saw lackluster exchange netflows OVER the past month The weekly bullish market structure break was a powerful signal Aave [AAVE] bulls have tenaciously defended the $140 support level over the past two months. However, the altcoin has a $200 target and is likely to go much further, based on the higher timeframe price charts. Source: IntoTheBlock Its low 30-day correlation of +0.29 was not surprising though. While AAVE fought to defend $140 and reclaim $150 as support, Bitcoin has steadily trended higher over the past six weeks. However, long-term investors have little reason to be dejected just yet. Signs of a sustained uptrend are yet to present themselves Source: IntoTheBlock AMBCrypto found that the netflow data over the past week and month were hardly encouraging. The -435 AAVE outflows amounted to a mere $61k accumulated. The +16.66k AAVE 30-day change represented inflows of $2.3 million into exchanges. Source: Santiment Santiment data also revealed that the dormant circulation was quiet over the past month. This highlighted subdued token movement between addresses, compared to the wave of selling in mid-July. Hence, there likely isn’t a threat of high selling pressure in the next few days. The falling MVRV ratio showed that 3-month holders were at a loss on average. This could incentivize slight selling pressure during a bounce towards $160. It also seemed to be an indication that profit-taking activity won’t stall bullish efforts. These bullish efforts have already begun, but they might be more clearly visible on the weekly timeframe. For instance – The unbroken uptrend of the mean dollar invested age (MDIA) signified stagnation. Its descent would signal greater movement and new buyers and in turn, this could herald a sustainable uptrend. AAVE gives strong clues on the higher timeframes Source: AAVE/USDT on TradingView The weekly chart underlined a…
Filed under: News - @ November 3, 2024 4:02 am