- The price of the AAVE Token has declined by 86% from its all-time high level.
- In the last 30 days, a surge of 2.9% in the net treasury of the AAVE token was recorded.
A surge in the derivatives activity of the AAVE token was recorded as per the CoinGlass platform. Its derivatives trading volume also surged by 25%.
The AAVE Token has a strong market presence with a market cap dominance of 0.07%. Despite this, the token volatility stands at 5.65%. That indicated higher chances of uncertain spikes in the price.
The supply inflation of the crypto was very low at 2.27%, which is very good for the long-term growth of the token. Its circulating supply was 14.902 Million AAVE, and its fully diluted market cap was $1.49 Billion at press time.
54% of AAVE token holders were in a loss, while 38% were in profit. Additionally, this token has a total of 168K holding addresses, and the large holders’ concentration in the token was 80%.
Moreover, 77% of the total holders of the token have held it for more than one year. Inflows worth $43.74M were recorded in the last 30 days, while outflows stood at $53.18M.
AAVE Token Blockchain Data Overview
The total value locked for the AAVE token was $1.37B, which has consistently advanced over the last few months.
When writing, 19.11% of the market cap of the AAVE token was staked in the market. Additionally, the value of the staked amount for the token was $261.81M, and it borrowed a total amount of $7.137B.
The recorded annualized fees of the token were $333.72 million, and a treasury of $58.67M. It showed the strong fundamentals of the token.
AAVE Token Technical Analysis
AAVE recently experienced a notable 70% surge in its trading price following a breakout from a prior descending triangle pattern. A similar pattern has emerged on the daily chart, with the price finding solid support at a horizontal demand zone while facing resistance from a dynamic trendline.
In the last five days, the AAVE price has risen consistently, forming a new descending triangle pattern. The token traded near a potential breakout level at the time of writing. It signaled a critical juncture for its price movement.
If AAVE continues its upward momentum and successfully breaks out of the current pattern, it could attract increased interest from buyers and investors. This renewed attention has the potential to drive the price to higher levels in the near future.
AAVE Token Technical Indicators Overview
As the AAVE token price has consistently traded in a small zone for a long time, the 50-day and the 200-day EMAs have revolved around a small zone. That has led to the formation of multiple crossovers.
At press time, the EMAs traded in a golden crossover while the AAVE token price declined below both the EMAs.
AAVE/USD Chart by TradingView
The MACD and the signal line traded in a death crossover but sustained in the bullish trajectory. It exhibited a neutral token price behavior, which resulted in volatility.
The RSI recently declined below the 50 level and the 14-day SMA. It traded at the 45.9 level at press time, exhibiting weakness in token price.
The AAVE token might take support at $61.0 and $75.00 levels and may face resistance at $118.0 and $153.00 levels.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.