- Aave crypto price reflected over 20% upsurge from the $80.24 demand zone.
- Moving averages are showing a bearish signal while the oscillators are bullish in the current phase.
- The 24-hour trading volume of AAVE tokens has declined 21.43%, reaching $54.65 Million.
Founded in November 2017, Aave (AAVE) is a decentralized money market protocol that offers lending and borrowing cryptocurrencies. Across 20 different assets as collateral, the users of this protocol can lend and borrow digital assets. In this platform, users can earn interest by providing liquidity to the market. The borrowers can borrow by collateralizing their crypto assets. AAVE token has three primary uses: governance, incentives, and mitigation tools.
AAVE Crypto May 2024, Supply Change, Holdings & Valuation
In the last seven days, the AAVE crypto price has declined by 4.80%. The crypto is underperforming in the global cryptocurrency market. It has a capped maximum supply of tokens at 16.00 Million AAVEs, out of which 92.58% are in current circulation. The total diluted valuation for this protocol is estimated at around $1.40 Billion.
There are 14.81 Million AAVE tokens circulating in the market, which holds a market cap of $1.30 Billion. In terms of market capitalization, the crypto ranks under the top 65 most dominant cryptocurrencies in the world. The cryptocurrency reflects decent liquidity across popular exchanges with a VMR of 4.20%.
Aave Crypto has 167,879 active token holders at the present moment. The top 3 holders collectively own 30.52% of the circulation supply. In numbers, it can be reflected as 4.88 Billion of AAVE tokens. In addition, Crypto Whales have over 63% of the current holdings, and 36.80% remains for retailers and investors.
Price to Volume and Social Dominance Analysis
The social upsurge in tweets has highly influenced the Aave crypto volume and price. The rise of buzz at the end of January 2024 has a positive impact on AAVE growth. However, the price has faced constant declines since mid-March, although the social sentiments have been rising. This reflects the adverse effects of tweets in the crypto world. The social buzz covers 0.19% dominance at the present time.
Technical Analysis of the Aave (AAVE/USD)
The short-term outlook implies below the key exponential moving averages on the bearish side. The current price slipped below the 50-day and 200-day EMAs, indicating bearish sentiments.
AAVE price has given a breakdown of the $105.54 key support level. The price fell to the $80.24 demand zone and gave a positive uprise of over 20%. Currently, the crypto price is hovering above the $87.82 demand level.
As far as the technicals are concerned, the price can surge up to the $112.32 mark. In addition, if the price closes below the $80.24 demand zone, a shortfall to the $70.07 level can be expected.
The relative strength index (RSI) suggests strong bullish momentum. The RSI and the SMA lines also had a golden crossover, indicating a potential shift in strength.
Summary
The Aave crypto has been experiencing a major downfall since March 13, 2024, after the breakout of the $130.18 key resistance level. The current price has fallen on the $80.24 demand zone. The price can surge up to the $112.32 mark. In addition, if the price closes below the $80.24 demand zone, a shortfall to the $70.07 level can be expected.
Technical Levels
- Resistance Levels: $105.54 and $130.18
- Support Levels: $80.24 and $70.07
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.