- The Aave price shows solid bullish strength from the $105.54 decisional point of interest (POI).
- The current market capitalization of the AAVE token is $1.86 billion.
- Moving averages show strong positive signals, while the oscillators reflect neutrality in the current session.
Launched in October 2020, Aave (AAVE) is a decentralized money market protocol. The users can lend and borrow cryptocurrency across 20 different assets as collateral on this platform. The protocol has a governance token called AAVE that lets the community decide the direction of the protocol. The AAVE token has three primary roles within the platform: governance, incentives, and mitigation.
Six-Month Returns of AAVE Have stabilized to 90%
A tremendous amount of buying was seen in Aave price in September 2023. The price surged over 22% during that period. It also reflected positive returns for four consecutive months, an upsurge of over 140% to the $130.18 resistance.
However, the price made a bullish correction in January 2024, declining 19.37%. Crypto traders were intrigued by the correction and placed long positions in the $70.07 demand zone. This resulted in a positive hike of 22.96% in February and 19.16% in the current month.
The maximum supply of the AAVE tokens is capped at 16 million, and the fully diluted valuation is assumed to be $2.01 billion. It has released 92.29% of AAVEs in the circulation of the maximum supply. The current market capitalization stands at $1.86 billion.
Price to Volume and Social Dominance
The average social dominance of the Aave is at 0.072% in the entire crypto world. Alternatively, the price has started experiencing positive growth from February to date. The trading volume reflects stability more than social dominance and price.
24-hour trading volume of the Aave coin is at $121 million, ranked 101st out of 9,298 active cryptocurrencies. The volume-to-market capitalization ratio (VMR) reflects decent liquidity at 6.50%, making cryptocurrency more accessible to trade in exchanges.
Technical Analysis of the AAVE Coin
The AAVE coin price has been moving in bullish sentiments since October 2023. The 50-day and the 200-day exponential moving averages have been acting as dynamic support for the price. The current price made a retracement on the 50-day EMA.
Aave price has given a breakout from a descending triangle at $87.82. The price surged 77% to the $155.30 level. It faced resistance from that level and fell to the $105.54 demand zone. The price is moving toward the $155.30 resistance and can reach the $176.68 mark by the end of April 2024.
Furthermore, the relative strength index (RSI) reflects a bearish divergence in the price momentum. It indicates the increasing selling pressure on the AAVE coin price. The RSI is at 53.42 above the signal line.
Summary
The Aave coin price has been performing in an uptrend since October 2023. It has given a return of over 90% in the last six months. Technical indicators summary reflected a positive signal in the current phase. Aave price is trading at $126.08 and is moving toward the $155.30 resistance and can reach the $176.68 mark by the end of April 2024 as per the technicals.
Technical Levels
- Resistance Levels: $155.30 and $176.68
- Support Levels: $105.54 and $87.82
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.