AAVE Shows Recovery Signs, Faces Key Resistance
The Most Important Points at a Glance
AAVE is showing signs of recovery after a significant decline in recent weeks. Liquidity in the Aave protocol is increasing, which raises the potential for a price rally. However, there are two key resistance levels that could slow down the upward movement.
Challenges for AAVE
AAVE is at a critical juncture. The price is moving along a descending trendline on the 4-hour chart. In many cases, this pattern indicates an upcoming bullish movement.
To initiate a sustainable rally, AAVE must first break through this trendline. After that, another resistance level awaits in a supply zone that triggered the last price drop on March 5. If AAVE manages to overcome this hurdle, the price could recover by up to 30.72%.
Increasing Liquidity and Declining Selling Pressure
An important indicator of AAVE’s potential is the market capitalization to Total Value Locked (TVL) ratio. This ratio measures the value of the ecosystem in relation to price development. A low value indicates a growing ecosystem. Currently, this ratio stands at 0.15, suggesting increasing activity in the Aave network.
At the same time, selling pressure is decreasing. On March 19, AAVE tokens worth $5.5 million were sold. In the following days, the selling volume dropped significantly. Currently, it stands at only $110,000. This development could indicate that buyers may soon take control.
Optimism in the Derivatives Market
Confidence in a potential price rally is also rising in the derivatives market. The OI-Weighted Funding Rate indicator, which measures market sentiment based on open positions, is positive at 0.0087%. This signals that long positions are dominating and traders are willing to pay a premium for their positions.
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Another bullish signal comes from the Taker Buy-Sell Ratio. With a value of 1.0056, it indicates that more buy orders than sell orders have been executed in the past 24 hours. If this trend continues, AAVE could see further gains in the coming days.
Our Assessment
AAVE has the potential for a significant price increase. Rising liquidity, declining selling pressure, and positive sentiment in the derivatives market point to a possible rally. However, the key factor remains whether AAVE can break through the technical resistance levels. A sustained move above the supply zone could enable a price increase of over 40%.
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