The post AAVE price rally continues, but nears overbought zone appeared on BitcoinEthereumNews.com.

AAVE price rallied for eight straight days, reaching its highest level since June 6th. It has jumped by over 45% from its lowest point this month.  AAVE token rallied as optimism returned to the crypto market after the recent sell-off. Notably, Bitcoin has traded above $62,000 for the first time since July 1st. Its rebound has resulted in a poisitive sentiment for most altcoins. But in Aave’s case, the coin also rallied because of increasing whale activity in the network. A report by Lookonchain noted that a whale bought AAVE tokens worth $3 million last week. A look at his address shows that he has over 142k tokens worth over $14 million.  Meanwhile, ecosystem data shows that Aave is doing well. According to DeFi Llama, the network has over $12 billion locked in its ecosystem, with $7.88 billion being borrowed. Data also show that AAVE is one of the most profitable networks in the blockchain industry. Its total fees this year stand at $196 million, according to TokenTerminal. This makes it the seventh most profitable network in the industry after Ethereum, Tron, Bitcoin, Lido Finance, Uniswap, and Solana. Aave makes money by taking a cut of interest rates charged in its ecosystem, protocol fees, and liquidation fees. It also makes money through flash loans in the network. The lending industry has become highly competitive in the past few years. The biggest competitors are protocols like Compound, Maker, Morpho, and Venus.  AAVE price is getting overbought AAVE price chart AAVE’s rally could start moderating in the coming days as technical indicators show that it is about to get overbought.  The Relative Strength Index (RSI), one of the most popular oscillators, has risen to 64 and is nearing the overbought point of 70. This indicator measures the speed and change of price movements…

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Filed under: News - @ July 16, 2024 7:12 am