Cryptocurrency AAVE whales have consistently accumulated tokens over the past two weeks. Whales purchased $3.63 million worth of AAVEs at an average price of $68.24. What does the accumulation of whales mean? Let’s look at our article.
Four whales raise $3.63 million from cryptocurrency AAVE
The accumulation of whales is typically a sign of an impending bullish move in AAVE price. Major wallet investors have consistently accumulated AAVE tokens despite the turbulent events in the crypto ecosystem. In the past two weeks, four whales in the AAVE ecosystem have purchased $3.63 million worth of AAVE. The accumulation is generally considered a bullish sign for the price of the asset. AAVE is trading at $71.54 at the time of writing. According to data from crypto intelligence tracker Lookonchain, four major wallet investors on the AAVE network have purchased 53,208 AAVE tokens worth $3.63 million.
On the other hand he staked them. Whales have consistently purchased AAVE for an average of $68.24 over the past two weeks. The $68.24 level is the key to AAVE’s price rally. Below this level, major wallet investors are likely to act as support as their holding will be flooded. This means that whales will push the AAVE price higher to make a profit in the short term.
AAVE whale numbers rise, likely to catalyze recovery
IntoTheBlock data reveals a 7.14% increase in the number of whales holding cryptocurrency AAVE tokens. A wallet address with more than 1% of AAVE’s circulating supply is considered a “whale”. At the current price of $73.94, a wallet holding more than $106 million in AAVE tokens is considered a whale wallet. As the chart below shows, the number of whale wallets has increased over a 30-day period.
On the other hand, there was a decline in individual investors. But demand from whales absorbed selling pressure on the asset. The cryptocurrency AAVE price is currently sitting above the three Exponential Moving Averages (EMAs). Also, there is the 10-day EMA at $69.78, the 50-day EMA at $63.84, and the 200-day EMA at $71.09. In the price rally of AAVE, these levels are expected to act as key support levels.
AAVE price could target its April high of $84.29 if the upside momentum continues. cryptocoin.com When we look at it as a whole, it is possible to say that the accumulation of whales will signify a significant rise for crypto money. The upward course of the price will also increase investor appetite.
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