Aave

2024

when

Coin

<p>The post <a href="https://coinpedia.org/news/aave-coin-price-skyrockets-19-whats-behind-its-surge-amidst-crypto-market-fall/">AAVE Coin Price Skyrockets 19%—What’s Behind Its Surge Amidst Crypto Market Fall?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency market has continued to fall, with losses starting in mid-July. The crypto market has lost about 3.2% of its value, and most cryptocurrencies are trading in red. However, <a href="https://coinpedia.org/news/why-is-the-aave-aave-price-up/" target="_blank" rel="noreferrer noopener">AAVE is an exception</a>, gaining nearly 19% in the past 7 days.&nbsp;</p> 
<p>Currently trading at $117.40, AAVE has hit its highest level in three months. With growing positive sentiment, AAVE looks set to continue rising.</p> 
<h2 class="wp-block-heading" id="h-why-aave-price-rising">Why AAVE Price Rising</h2> 
<p>AAVE’s recent price rise can be traced back to activity in the derivatives market.. However, <a href="https://www.coinglass.com/currencies/AAVE" target="_blank" rel="noreferrer noopener nofollow">data from CoinGlass</a> on July 31 and August 1 revealed a significant imbalance in liquidations, with $1.165 million in short positions compared to $567,000 in long positions.</p> 
<p>Additionally, open interest metrics showed a sharp increase, reaching $124.59 million on July 31, up from $80 million. This surge in open interest, indicating a high number of outstanding derivative contracts, suggests significant leverage is currently in play.</p> 
<p>Interestingly, current open interest levels are similar to those in November 2023, when AAVE’s price was around $90. This historical context raises questions about AAVE’s future price movements in the current market.</p> 
<h2 class="wp-block-heading" id="h-aave-v3-1-goes-live">Aave v3.1 goes live</h2> 
<p>On 31 July, Aave Labs announced the launch of Aave v3.1 across all networks with active Aave V3 instances. This new version includes improvements to security, operational efficiency, and usability.&nbsp;</p> 
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   <p lang="en" dir="ltr">Aave V3.1 is now live on all networks with active Aave V3 instances.<br><br>Developed and upgraded by <a href="https://twitter.com/bgdlabs?ref_src=twsrc%5Etfw">@bgdlabs</a> and approved by the Aave DAO, the V3.1 enhancements improve the protocol’s overall security, operational efficiency, and usability.</p>— Aave Labs (@aave) <a href="https://twitter.com/aave/status/1818581823926288602?ref_src=twsrc%5Etfw">July 31, 2024</a>
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<p>Currently, the total value locked (TVL) in Aave is around $22 billion, with approximately $19.9 billion on Aave V3, $1.9 billion on V2, and $14.6 million on V1, <a href="https://defillama.com/protocol/aave#information" target="_blank" rel="noreferrer noopener nofollow">according to DeFiLlama</a>.</p> 
<h2 class="wp-block-heading" id="h-aave-price-analysis">AAVE Price Analysis</h2> 
<p>Looking at AAVE’s hourly chart, the price has been moving in a zig-zag pattern during a consolidation phase before surging upward today. This suggests AAVE might be preparing for its next move.</p> 
<p>In the first scenario, AAVE could be in the third wave of a five-wave upward trend that started on July 25. If this happens, AAVE might <a href="https://markets.coinpedia.org/aave/" target="_blank" rel="noreferrer noopener">break above $120</a> and aim for $150, matching the 1.618 Fibonacci extension.</p> 
<p>In the second, more cautious scenario, if AAVE drops below $108, it might decline further to $100 or slightly lower before continuing its upward path.</p> 
<p>Read Also : <a href="https://coinpedia.org/price-analysis/notcoin-price-analysis-is-not-price-adding-up-a-zero-heres-what-you-need-to-know/" target="_blank" rel="noreferrer noopener">Notcoin Price Analysis: Is NOT Price Adding Up A Zero? Here’s What You Need to Know</a></p>

AAVE Coin Price Skyrockets 19%—What’s Behind Its Surge Amidst Crypto Market Fall?

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