Whale Accumulation In This Altcoin Made The Price Increase!

Despite the market correction, it has seen a significant movement in its price compared to last week. AAVE (AAVE) actively accumulated by large holdings

According to data provided by the Santiment on-chain analytics feed, decentralized finance protocol (which allows people to lend and borrow cryptocurrencies) Aave is up nearly 35 percent from last week in light of savings of up to 70,000 tokens from large investors and whales. .

AAVE accumulation

AAVE’s price action has been rallying lately despite the challenging conditions of the downtrend market. Terra (Luna) and THORChain (RUNE) parallels the performance of digital assets such as As data from Santiment shows, the primary driver of the spike was the savings of addresses holding tokens ranging from $152,000 to $1.52 million.

The addresses mentioned have added 10.7 million AAVE to their wallets in the last two months. This accumulation showed that demand from retail investors was increasing.

AAVE technical analysis

As the price of AAVE broke the 50-day moving average, the asset is currently in the process of a trend shift, according to various technical indicators such as the Relative Strength Index and the Exponential Moving Average.

As for the RSI, which usually reflects the current state of the asset, Aave is moving in the “bullish” zone above 50. However, despite the RSI approaching 60, the indicator is still far from the “overbought” zone, indicating that AAVE still has potential for growth if the purchasing power remains in the market.

Formerly known as ETHLend, Aave allows users to lend & borrow cryptocurrencies and earn interest in exchange for depositing digital assets into liquidity pools. Users earn rewards for providing liquidity to trading pairs and swaps.

The popularity of the platform continues to rise from the explosive growth of the DeFi industry and as more users redistribute their funds to more stable options like yield-farming (liquidity mining) and staking.

You can check the price movements here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.


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