The post AAVE defies market trends, poised for 25% gains ahead appeared on BitcoinEthereumNews.com.

AAVE defies the market trend with a 13% rally, as open interest soars. Currently, 68.50% of top traders on Binance hold long positions, while 31.50% hold short positions. Amid ongoing market uncertainty, Aave [AAVE] is outperforming market trends, attracting rising interest from the crypto community.  Aave defies market trend As of press time, the broader cryptocurrency market is struggling, including major assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL]. Meanwhile, AAVE is leading the market with a 15% upward momentum. This bullish momentum is driven by heightened trader interest worldwide, as reported by the on-chain analytics firm Coinglass. According to the data, AAVE’s futures open interest has surged by 15% in the past 24 hours, highlighting how traders are capitalizing on the current market sentiment and building new positions. Source: Coinglass 68% of traders go long  In addition to on-chain metrics, Binance’s AAVE/USDT long/short ratio currently stands at 2.10, indicating strong bullish market sentiment among traders. On-chain data further reveals that 68.50% of top traders on Binance hold long positions, while 31.50% hold short positions. However, this surge in participation in AAVE follows a successful retest of a crucial breakout level, a move the altcoin had not accomplished until now after the breakout. In short, AAVE has formed a bullish price action pattern. AAVE technical analysis and key levels  According to AMBCrypto’s technical analysis, AAVE has formed a bullish engulfing candlestick pattern at the crucial support level of $290 but currently appears to be struggling near the resistance level of $337. Source: TradingView Based on recent price action and historical momentum, if the altcoin closes a daily candle above $340, there is a strong possibility it could soar by 25% to reach the $415 level in the near future. In addition to its bullish outlook, AAVE’s recent price dip…

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Filed under: News - @ December 23, 2024 12:28 pm