Aave

bullish

Rally

DeFi

Altitude

<p>AAVE, the native token of Decentralized Finance Protocol Aave, was exhibiting massive buying pressure and riding the upward bullish move.</p> 
<p>Despite the significant supply pressure across the crypto market, <a href="https://www.thecoinrepublic.com/price-prediction/aave/">AAVE </a>has remained resilient and decisively ascending gains beyond the $100 mark.</p> 
<p>This week, Aave Labs, the company behind the Aave protocol, announced the launch of Aave V3.1 was live for all networks with Aave V3 deployments.</p> 
<p>The V3.1 includes updates expected to make the DeFi protocol more secure.</p> 
<p>Recently, the asset has made a double bottom formation around the $80 mark and delivered a significant pullback from there. Afterward, it continued to accumulate and showed a demand resurgence.</p> 
<p>Moreover, it breached the declining trendline and exhibited a reversal. Notably, it has cleared its most crucial pivot of $115 and saw a breakout on the chart.</p> 
<p>When writing, the AAVE price was trading at $115.61, up over 10% intraday. It noted a trading volume surge of over 98%, directing the speculative move.</p> 
<h2 class="wp-block-heading" id="h-aave-saw-bullish-reversal-could-it-reach-150-this-month"><strong>AAVE Saw Bullish Reversal: Could It Reach $150 This Month?</strong></h2> 
<p>AAVE has defied a three-month correction phase and made a fresh higher high swing above the cluster of $105. Additionally, sentiments have changed, and the bulls were eyeing to turn the recovery into a bullish trend.</p> 
<p>Under the influence of double bottom formation, AAVE has shown a breakout and rose over 55% last month. Per this extensive surge, the short holders looked trapped and began to cover their positions.</p> <iframe loading="lazy" title="Santiment Chart: Price (AAVE), Volume (AAVE)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-02-02T18%3A29%3A59.753Z&amp;dt=2024-08-02T18%3A29%3A59.753Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23FFAD4D&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The momentum indicator, the Relative Strength Index, highlighted the bullish stance through the formation of a higher high. That signified the sustained buying pressure and rising demand pressure.</p> 
<p>In addition, the MACD indicator saw a bullish crossover, projected a buy signal, and suggested that the next bullish leg toward $125 was imminent.</p> 
<h2 class="wp-block-heading" id="h-what-do-on-chain-metrics-indicate"><strong>What Do On-Chain Metrics Indicate?</strong></h2> 
<p>The Weighted sentiment data showed a shift in the investor’s mindset, and the value reached the positive region, implying a positive stance.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (AAVE), Social Dominance (AAVE), Active Addresses 24h (AAVE)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-02-02T18%3A29%3A59.753Z&amp;dt=2024-08-02T18%3A29%3A59.753Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bsocial_dominance_total%3Bactive_addresses_24h&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe> 
<p>On the social front, the dominance curve showed a surge, revealing increased media buzz, which was noted at 0.139%. Following the sharp price recovery, the investors started chatting about AAVE and indicated their willingness.</p> 
<p>In a recent tweet on X, Dalin Anderson said that AAVE is ready for a breakout rally and can go higher ahead.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/AAVE?src=hash&amp;ref_src=twsrc%5Etfw">#AAVE</a> looks ready for more impulse waves. <a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAVE</a> <a href="https://t.co/OXD6EHdn9o">pic.twitter.com/OXD6EHdn9o</a></p>— High Altitude Investing (Dalin Anderson) (@HighAltitudeInv) <a href="https://twitter.com/HighAltitudeInv/status/1819197076745413032?ref_src=twsrc%5Etfw">August 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Moreover, the active addresses data showed an extensive surge and soared to 1128, highlighting the confidence among the buyers to accumulate AAVE.</p> 
<h2 class="wp-block-heading" id="h-futures-open-interest-data-showed-an-uptick"><strong>Futures Open Interest Data Showed an Uptick</strong></h2> 
<p>Following the impressive price rally, the futures data showed investors were confident in making long trades and continued accumulating AAVE.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="228" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-36-1024x228.png" alt="Open Interest Data&nbsp; Source: Coinglass" class="wp-image-647108" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-36-1024x228.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-36-300x67.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-36-768x171.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-36-150x33.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-36-696x155.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-36-1068x238.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-36.png 1409w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Open Interest Data&nbsp;| Source: Coinglass
 </figcaption>
</figure> 
<p>Notably, the Open Interest data spotted an increase of over 41.41% to $130.02 Million, highlighting fresh long additions in the past 24 hours.</p> 
<p>If the AAVE price continues to sprint ahead, it may go higher and retest the upside mark of $120, followed by $125. If any profit booking took place, the immediate support was placed around $110, followed by the $102 mark.</p> 
<p>AAVE showed signs of a bullish reversal and witnessed a solid accumulation from the bottom. Following the sharp recovery and a trendline breakout accompanied by a massive volume surge, it gave a solid conviction that it may continue to proceed ahead.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/04/aave-intraday-rally-exceeds-10-guiding-bullish-cues-whats-next/">AAVE Intraday Rally Exceeds 10%, Guiding Bullish Cues: What’s Next</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

AAVE Intraday Rally Exceeds 10%, Guiding Bullish Cues: What’s Next

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