Aave has experienced a strong upswing over the past month hiking by 24.52%
- Aave has surged by 3.79% over the past 24 hours. With a bullish crossover and strong buying pressure, Aave is positioned to hit $200.
Since hitting a local low of $153 days ago, Aave [AAVE] has experienced a strong upswing to hit a high of $184.
In fact, as of this writing, Aave was trading at $181. This marked a 3.79% over the past day. Equally, the altcoin has gained on weekly and monthly charts, hiking by 8.25% and 24.52% respectively.
Despite this price pump, Aave still remained approximately 72.89% below its ATH of $666.
Therefore, the current market conditions raise questions about whether the price recovery will be sustainable or a mere market correction.
What Aave’s charts say
According to AMBCrypto’s analysis, Aave is experiencing a strong upward momentum amidst rising buying pressure. As such, the altcoin has made a bullish crossover on Stoch RSI.
Over the past 48 hours, the Stoch has made a move to settle at 41. This suggests that buyers are dominating the market and prices may rise in the short term.
Source: Tradingview
This bullishness is further confirmed by the Relative Strength Index (RSI).
Over the past 24 hours, the RSI, at 58, has confirmed the uptrend after flipping its MA at 54, further strengthening our observation of strong buying pressure.
Equally, the strength of this uptrend is also confirmed by DMI, as +DMI was at 23 and remained above -DMI. This suggested that the upward momentum was strong while the downtrend had exhausted.
Source: IntoTheBlock
Looking further, Aave investors are showing high optimism. This is evidenced by a high outflow from exchanges.
According to IntoTheBlock, volume outflow has surged to a weekly high of 47.95K, reflecting investors’ confidence as they are moving their tokens off exchanges to private wallets and cold storage.
Source: Cryptoquant
This phenomenon is further evidenced by a declining supply-exchange ratio. According to CryptoQuant data, the supply exchange ratio has declined over the past 48 hours to hit a monthly low.
Such developments suggest that investors are withdrawing more Aave from exchanges than deposits.
Source: IntoTheBlock
Finally, we can see this price rise is not arising from market speculation but from strong on-chain activities.
This is evidenced by the fact that Aave’s active addresses have surged over the past days to hit a 2-week high of 2.6K. This shows increased demand, adoption, and participation which is central to price rally.
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