- The derivatives volume of the AAVE has been slowly declining for the last 24 hours.
- AAVE is built on the Ethereum blockchain and supports the ERC 20 token standard.
Aave is a DeFi protocol that allows users to borrow and lend crypto assets, earn interest, and stake tokens. It uses the AAVE token, which was upgraded from LEND in 2020. It was created by Stani Kulechov and the Aave team in 2017.
With the decrease in the crypto trading price, the market cap of the AAVE crypto has declined by 1.46%, resulting in $1.466 Billion. At the time of writing, the traded volume of the crypto in the last 24 hours is $142.82 Million. AAVE has a volume/market cap ratio of 0.1103 as per Coingecko.
The circulating supply of the AAVE crypto is 14.67 Million AAVE and the total supply of the crypto is 16.0 Million AAVE. Its fully diluted market cap is $1.599 Billion. Also, the TVL of the crypto is $6.217B and the market cap/TVL ratio of the crypto is 0.23677.
AAVE Crypto Derivatives Analysis
The derivatives trading volume for the AAVE crypto has declined by 32.02%, resulting in $155.54 Million. Furthermore, the open interest has fallen by 1.5% and the long/short ratio of the crypto is 0.9357. The long liquidation for the crypto is higher, resulting in $147.43K.
AAVE Crypto Technical Analysis
AAVE crypto has lost its value by more than 85% from the all-time high price. After the decline in the crypto price, it started to take support and sustain at the lower levels. This further led to the formation of a descending triangle and recently the crypto price broke above the same.
AAVE/USD Chart by TradingView
The AAVE crypto price is trading above the 50-day and the 200-day EMA followed by a golden cross on the daily chart. Moreover, the Bollinger band of the crypto is range-bound leading with a tight range.
The RSI for the AAVE crypto is trading at a level of 52.77 and is also following a bullish cycle. The RSI is sustaining above the 50-level indicating strength in the crypto price.
Conclusion
The AAVE price has recently broken out of a descending triangle, signaling a potential bullish reversal. The technical indicators are also supportive of further upside, as the price stays above the key EMAs and the RSI is above 50. AAVE token could be on the verge of a major rally, as it aims to reclaim its all-time high and beyond.
Technical Levels
- Support levels- $30.00 and $51.00
- Resistance levels- $198.00 and $245.00
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.