AAVE: What You Could Be Missing from the Recent Push on Its Charts

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AAVE’s price has eventually conquered its descending resistance following struggles to secure directional support within the past few days. The move emerged after the network unveiled launching a liquidity mining suite for Optimism.

The Optimism liquidity announcement might have triggered a change in investor sentiment to favor bulls.

Remember, Optimism is among the most recognized Ethereum L2 scaling solutions that enable massive volumes. Its website indicates that Optimism’s on-chain figure is positive at $800 million. Moreover, it asserts to have helped bar over $1B in gas charges.

AAVE Price Action

The effect on AAVE’s price movements means market players expect the event to heighten demand for the alt. though AAVE break past its descending resistance, it still should battle friction as press time value areas near $101. That’s because the same zone displayed resistance in July’s second half.

AAVE’s uptrends within the past 24 hours emerged from the buying momentum that had been soaring since August 2.

This period also saw the Money Flow Indicator surging because of accumulation, and the Relative Strength Index suggested the same. Nevertheless, it’s still unclear if the recent uptrend will last.

The token’s present bullish stance could be short-lived unless impressive bullish cues within the market emerge.

Meanwhile, the supply by leading addresses index recorded 0.41% within the last 24 hours, confirming that leading wallets have been withdrawing. Moreover, a slight surge in active addresses backed the upside compared to the August 3 addresses spike.

AAVE’s whale transfer count also noted surged activity over the past two days, supporting the recent upside. Whale transactions have remained at an average daily figure. Nothing extraordinary in buying pressure.

Final Thought

While AAVE’s recent surge detected the Optimism announcement, the asset’s on-chain indexes confirm an absence of massive momentum. Its near-term upside could therefore be limited.

Meanwhile, investors should assess the overall market to complement the above analysis. The crypto market didn’t showcase extraordinary actions.

Bitcoin remained around the $23K mark without a directional trend, changing hands at $23,168 during this publication. Upcoming trading sessions might clarify future projections.

Editorial credit: photo_gonzo / shutterstock.com


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